Defi loans for gig worker
Credit score services does not take into consideration gig workers or are not personalized to the operating models of gig economy.
The web3 approach for a sector specific loans would be to manage a common ledger which can be referenced for credit score estimation per participant.
Process:-
Worker
a. Share kyc+bank history
b. platform/vendor verifies kyc and makes a credit risk score request
c. Contract provides risk score and conditionally credits loan
d. Platform converts token to fiat and credits to worker bank account
e. Platform periodically deducts from worker bank account and deposits it back to liquidity pool in blockchain
f. Blockchain maintains loan event provenance , the data of which is used to improve credit risk assessment of the worker
Investor
Invests to liquidity pool and expects returns based on loan activities
Recruitment
Platform/vendor can also supply the verified gig worker data for recruiters