Blocknotary P2P Loan App Use case

Following the successful integration of video interview system in payments platform Pay-me we decided to expand use-cases for Blocknotary to cover KYC problems and prevent scamming activities.


P2P-loans are growing popular. Back in 2012, the market’s capitalization comprised $1.2 billion, but in 2015, it was $64 billion, and it will exceed $1 trillion by 2025 according to expert estimates. However, as the prospective market grows, operational expenses related to micro crediting also grow exponentially.

Value of global peer to peer lending from 2012 to 2025 (in billion U.S. dollars), data from


Trust and guarantee mechanisms are important components in any financial relations, and their significance cannot be underestimated when it comes to p2p-loans. Usually, the service is offered as an additional banking option or a separate platform involving a third party to provide warranty. Thus, a bank or a platform have to take a risk and conduct additional due diligence in regard of the loaner prior to opening the application to creditors. It entails enormous operational costs to hire additional stuff, maintain documents, credit history, and check of the loaner’s honesty. Inevitably, it all slows down financial communications for end users.


We offer Blocknotary Loan app to meet KYC requirements and reinforce trust between parties via recording an interview with a would-be loaner and its further protection with inclusion into the credit history.

How It Works

Say, Alice wants to borrow $1,000. For that purpose, she opens Blocknotary Loan app, states the amount and the term of the loan, as well as the intended purpose of the loan. Having created the application, Alice sends it to Bob, who had placed a note about his readiness to provide a loan. When he receives Alice’s application, Bob reviews the details and decides he will lend $1,000 provided Alice gives him back $1,100 in a month. Alice receives Bob’s response, agrees, and accepts the crossing offer. Then the app launches a window for the interview, where Alice vocalizes all details of the loan, including her liabilities. When the video is ready, its hash sum is recorded on the blockchain, thus providing Bob with an incontestable and immutable proof that Alice had contracted a $1,000 debt on that day for her purposes, and had undertaken to return $1,100 in a month.


Thus, using Blocknotary Loan app, a p2p-loan platform solves the KYC problem, increases trust for the service, and accelerates provision of the service. Getting a loan becomes a game that doesn’t distract users from their routine and enables them to make justified decisions fast. The app simplifies maintenance of the customer’s credit history, which cannot be altered neither by a malicious user, nor by a dishonest employee of the company.

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