India Money Mart, Paisadukaan & OML P2P connect together to form an Inter-Company Distributed Ledger System 4524
Blockchain
Akriti Mathur
Mar 30, 2018 at 10:54 AM

Blockchain platform has always been in the news from its start. The transparency in its methodologies of carrying out transactions have drawn people towards it. Moreover, P2P is the next big sector joining the blockchain domain. Start-ups in this sector are ready to invest in the trending blockchain technology that will enable them to develop a distributed ledger system between themselves.

Many companies entering the Blockchain domain are gaining popularity . From leaders on this platform like Faircent to recent companies like India Money Mart, Paisadukaan and OML P2P have joined the league. All these companies are waiting for their NBFC P2P license to be approved by RBI.

As quoted by Rajat Gandhi, the founder of Faircent, “We are building a multi-tenant infrastructure using blockchain which will be used to implement the business rules like credit assessment and bring in models using smart contracts.” He also added, “Further this will also help us to scale up our services globally and bring in more credibility since all transactions will be immutable.” Faircent company tops the list of P2P sectors.

Apart from Rajat Gandhi; Rajiv Ranjan, the founder of BigWin Infotech shared his opinion saying, “Our main aim is to ensure that a consumer does not take loans from multiple platforms and ends up defaulting across causing serious troubles for the nascent sector.” He also added, “We are especially susceptible to such cases since our tech based platforms have a shorter turn-around time and can help fraudsters to take money from multiple lenders almost simultaneously.”

Sources report, IndiaMoneyMart, PaisaDukaan and OML P2P have associated together to form their own distributed ledger system.

Rajesh Gupta, the founder of India Money Mart, addressed these companies collective decision to move ahead with the adaptation of Blockchain technology. He stated, “We are moving as of now with three players and once things start rolling I believe the bigger platforms could also eventually join us, the more the players the higher will be the efficiency of the platform.”

Insiders from the industry reveal that P2P platforms face big obstacles in terms of loan management. Every borrower has multiple lenders. To channelize the loan process, multiple contracts have to be signed before disbursal.

The founder of OMLP2P, Surendra Jalan stated, “Once on a blockchain platform, accessing customer data will be very simple, there cannot be any tampering of the data thereby increasing reliability and also maintain data security.” OMLP2P is a recent P2P organization started in February this year.

Shankar Vaddadi, the founder of Hyderabad based P2P lending platform iLend also shared his opinion over the P2P adapting Blockchain platform. He stated, “Players like us coming on a blockchain platform makes sense only when the government also starts getting all its records and documents on a similar platform, only then can we have a full proof system.”

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