Lending platform for uk client

Situation

Lending services have been occupying leading positions among all services for a long time. During the existing lifespan this market remained rather pristine in terms of technological approach. However, with the emerge of Blockchain, lending services stepped up to embracing of its benefits. For this industry, in particular,  – removing an intermediary and securing any cashflow within the system. The sooner company applies and implements this, the more superior it gets, so, our Client decided to extend their audience due to to novelty and security of the product. One of the peer-to-peer lending platforms, operating in the UK & Ireland and regaled as an one of the leaders in industry asked Unicsoft to provide development services. Unicsoft was selected as an authorized partner for creating an entire platform using the old one as a basis. The key peculiarity of aforementioned system was the use of Blockhain technology. Client wanted to implement smart-contract system that would allow Users to exchange secured contracts alongside with opportunity to request & receive loans in Ethereum as well as in more “accustomed” currencies.

• The client wanted to build robust platform intended to provide fast and secured operations set;
• Provide maximal security options for the User’s personal and transaction data;
• Shift from the traditional monolithic architecture to the microservice architecture allowing fast scaling – up and to increase its resilience;
• Create cross-functional user-friendly UI which ensures flexibility and handy, comfortable work with multiple smart-contracts/peers;

Maximize the proliferation of Blockchain-based operation both in long and short runs, starting since the very first release of the platform. The main intention was defined as to provide gradual but comprehensive pivoting to the being of a full Blockchain and Cryptocurrency leading platform and slightly casting aside traditional peer-to-peer lending in a long run.

Solution

First and foremost, the team created the microservices architecture, removing the old monolithic structure, providing much more flexibility when it comes to upgrading as well as maintaining separate parts of the solution. The main challenge, besides sorting out the components of the chosen architecture was to pick a proper technology stack. After thorough comparison of many options, the final choice lay between C# and Python. Accounting the fact that Client expressed his desires to have a cross-functional platform which would stand aside of any platforms, the choice was obvious and C# was ruled out, Then, having the set of architectural pinnacles defined we kicked the development off.

One should mention that all of the Blockchain-related frameworks were successfully integrated to the system, particularly, to its core. As far as an adherence to microservice paradigm was chosen, we were quite indubious regarding framework for UI, and perceiving both compatibility and resilience we chose Django.

Another very important part that one should not be oblivious of was a security. As far as Client expressed that he would like to see a highest level of the data protection (both transactional and personal), this remark was considered and taken care of which led to inclusion of a ISO 27001 standards to the Smart-contract system.

Then a full-scale platform was developed within 12 months work. Aforementioned microservices architecture ensured that all security measures would be implemented alongside with protection. The frosting on the cake was an implementation of the scoring model, which provided risk assessment and suggested whether the User is likely to be approved for a loan. Abovementioned system grounded on MLLib library plugging-in, and represented a multi-factor approach to a risk assessment and its further maintenance. In a nutshell, when it was coming to the decisive point. like “should I lend this man my Ethereum/Euro”, a little window popped up, showing a personal User credit score based not only loan history but on the personal data.

Result

The platform was successfully launched and reached its breakeven point within 6 months, providing the Client with the growing Users portfolio and maintenance of financial risks thus positively affecting the revenue. Portfolio, in its turn, accreted to 115% within three months after launch compared to a same period of the previous year.