Is Blockchain Technology a Feasible Solution for P2P Lending Platforms to Improve Operational Ability?

The purpose of this study is to investigate the feasibility of blockchain technology in the P2P lending industry. This study examines the advantage of incorporating blockchain in the P2P lending industry and the issues faced in implementing the technology. The difficulties faced in P2P lending mostly relate to the security, trustworthiness, and transparency of the platform and funds. This research offers insights into the mechanism of blockchain technology, which would help reduce potential risks and focus on the efficiency and reliability of P2P lending transactions by going through a systematic literature review using a descriptive method. In addition, this study shows that blockchain technology can help intermediaries to provide a more secure, transparent, trustworthy, and decentralized environment. Moreover, once blockchain technology is implemented in P2P lending platforms and is regulated by a governing body can prove to be a success for the Indian economy. P2P lending services are a relatively newer concept and yet to be known by many people, and blockchain is also a novel technology which is why the literature available is very limited, so to fulfill this gap, this study has been conducted.