Business owners needs enough money for their business to strive and expand. They result to borrowing when they don’t have enough money to expand their business. To get this said money therefore, they have two basic options which is either to look towards the direction of their family and friend which is termed the informal lenders or result to borrowing from financial institutions like the banks.

THE FORMAL LENDER

To get money from banks and other financial institutions (formal method), they require a whole lots of information and data to present so that the so called financial organization will be able to tell if the business is profitable or not. Among the many data required includes the customer financial data information from timely bill payment to daily transaction amounts. The business owners should also be able to provide for formal lender the business’s current financial health. In doing this, the store/business owners also strive to make the historical data of its customer private both from the third parties and their users. In the reality, there is no way the store owners will be able to obtain a six or twelve months history of his sales performance on swipe for lender to verify to support a loan request.
To get the needed information for loan from the formal lender many unregistered business/ grocery store owners rely on the POS networks, mobile wallets providers, internet service providers, prepaid voice and data offerings and other organization that collect business and financial information in real time.
The identified headache in this method is that borrowers (the one seeking to get loan) need a way to access and also at the same time guarantee the integrity of their data and digital service providers need an easy path to provide data security to lender (the institute or person giving loan)

THE INFORMAL LENDER

In the case where they business owners can not get the needed information to get loan from the formal lender or in a position where the business owner can not show the lender that his/her business is successful, his only lending option is the informal lending source which is the loan from friends or family.
However, the problem associated with this is that the so called neighbor may seek to enter an informal agreement adding some uncertainty and social friction which may make the business situation more stressful.
Borrowers most times also choose to result in informal lending because the interest rate associated with the formal lender is so high that the borrower have no option than to turn to friends and family.

The lack of financing and the stress associated with borrowing are burdens on store owners. Across hundred if millions of borrowers, this exerts downward pressure on the local and global economy. Lender want the shop owner’s business to succeed, as this is a profitable outcome for both parties. But without a reliable way for lender to evaluate unconventional financial data, the shop owner’s borrowing option are extremely limited.

THE SOLUTION: lendledger:, An ecosystem of trust and transparency
The lending market needs an environment of transparency and trust that connects both the lenders and borrowers' data and tracks repayments over time. Where the grocery store owner and other like him can securely and verifiable send swipe credit data to multiple lenders and build credit history as he repays the loan. This will also make the trillions of dollars in loan to informal devote borrowers and small enterprises can also become accessible and affordable to lenders.
With the lendledger platform business owner can control their data, share it with as man Yb lenders as he desires, choose which loan offer he prefers and trust open standards that govern the secure transfer and approved of his swipe credit data.

The lendledger uses the blockchain technology to create a trusted, open lending network. A blockchain is particularly well suited to create trust between participants who didn’t know each other. The lendledger will combine transparency of blockchain with the security of encryption technology, to maintain openness while protecting the confidentiality of identifying information. The lendledger blockchain records are restricted to those transactions that should be transparent and permanent. Such as loans made and repayments collected. Also borrower financial and business data is only transmitted directly between participants in an encrypted format.

Read more about the LENDLEDGER on
website
whitepaper
twitter
telegram
ANN

Thanks for reading, am on Bitcointalk as tuvic01, you can reach me on: https://bitcointalk.org/index.php?action=profile;u=1541199;sa=summary