The Plight on the Development of P2P Online Lending and the Countermeasures Using Blockchain

DOI

10.2991/aebmr.k.210319.041How to use a DOI?

Keywords

P2P online lending, Blockchain, Smart contract, User portrait

Abstract

Peer-to-peer internet lending is a new form of lending. However, a crisis of trust has been triggered owing to the low threshold of the industry and the information asymmetry amongst three types of participants (lenders, borrowers and P2P online lending platforms). The data of online lending platforms are inaccurate, unreliable and incomplete, which leads to a decline of investor’s confidence in the investment. Although all aspects of the regulatory system are improving by the Chinese government to rectify the problematic platforms, it would be difficult to rebuild the trust in the relationship between lenders and borrowers. Therefore, one of the crucial factors to restore trust would be: identifying sources of the crisis of confidence. This paper is divided into four parts: the first part sorts out the development status of P2P online lending platforms; the second part introduces operation modes of P2P online lending industry by combining the core concept of P2P internet loan, compares the lending services of traditional banks and e-commerce enterprises with that of P2P online lending, and reveals the differences in investing and financing activities between China and developed countries; The third part mainly analyses the difficulties faced by P2P online lending industry from four aspects which are the acquisition, review, analysis and finally the contractual relationship between lenders and borrowers. The fourth part combines blockchain technology, user portrait and smart contract to provide corresponding countermeasures to the existing difficulties.

Copyright

© 2021, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Xiyang Su
PY  - 2021
DA  - 2021/03/22
TI  - The Plight on the Development of P2P Online Lending and the Countermeasures Using Blockchain
BT  - Proceedings of the 6th International Conference on Financial Innovation and Economic Development (ICFIED 2021)
PB  - Atlantis Press
SP  - 222
EP  - 228
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.210319.041
DO  - 10.2991/aebmr.k.210319.041
ID  - Su2021
ER  -