HashCash embarks on a DeFi lending system development project allowing the trustless and permissionless transaction between lender and beneficiary entities
The global blockchain development company, HashCash Consultants asserts its next financial venture to revolve around DeFi Lending. This time HashCash partners with a Hong Kong-based bank by designing a DeFi Lending Platform.
Loans are an integral part of the DeFi ecosystem. There exists a large number of protocols allowing people to lend and borrow virtual assets. Decentralized loan platforms form a unique and novel answer to a convoluted set of challenges. Trustless mechanisms dismiss the requirement for the borrower and the lender to identify themselves. Each may access the platform and potentially borrow funds or lend capital to earn interest. This renders the DeFi lending system permissionless.
Read More: Blockchain Safety: Why You Should Create a New Bitcoin Address Every Time?
The HashCash management has stated that the project is still in its planning stage.
“This is a huge project. We are still in the initial phase of planning. The development will commence only once we have finalized the obscure areas,” said Raj Chowdhury, HashCash Chief and blockchain pioneer.
“While charting the workflow of the system we need to address the issue of non-return and borrowers fleeing the system. Only when such grave issues are sorted can we move forward to the next phase.”
Read More: Currency Agnostic Blockchain Debuts for Global Trade
HashCash has previously made its presence felt in the fields of banking, asset transfer, supply-chain, healthcare, education, mining, and more. However, this project, if accomplished, will be a benchmark under the DeFi tab of the financial sector.
“Amid the anticipations and excitement, our goal is centered on resolving the deadlocks that prevent progress in this stream of investment,” added Chowdhury.
Indeed this process may open up new investment opportunities with people investing their digital assets in remote businesses and earning substantial returns on them.
Read More: Kraken Donates $250,000 to Advance Ethereum’s Blockchain Upgrade Efforts
