Home / Crypto Currency / Crowd Genie to revolutionize the lending business

Crowd Genie to revolutionize the lending business

August 9, Singapore: Crowd Genie Financial Services Pte. Ltd., a company providing innovative lending products and services, licensed by the Monetary Authority of Singapore, has undertaken a strategic initiative aimed at design and delivery of a modern lending and asset exchange platform that is powered by the blockchain technology. The platform will elevate the lending/borrowing experience to a totally new level in terms of security, easiness of use and extensibility. The platform’s concept combines cutting-edge technologies with outstanding flexibility and completeness of the business process. The solution is going to initially support the businesses in Singapore and will gradually expand to newer geographies.

The platform’s security and scalability, being the top driving features, will be assured by a global cloud environment in compliance with the geographies of operations. The solution has been crafted with the microservices architectural concept and will run inside an orchestrated containerized environment greatly enhancing the responsiveness of the IT operations. Blockchain’s inherent trust less nature interwoven within the Crowd Genie’s platform provides real immutability and traceability allowing for a much smoother customer journey and a significantly simplified operational model.

The blockchain technology will underpin the platform’s KYC process (Know Your Customer) that is the foundation of achieving the viability of financial transactions’ participants, the wallets operations and ultimately the lending and investment processes. For an accurate alignment with the financial domain use cases, a combination of both public and permissioned blockchain solutions is being used i.e. Ethereum and Quorum respectively. The public Ethereum will be utilized for locking and unlocking of CGC (Crowd Genie Coins) tokens by the relevant smart contract to support the tokens transfer. The permissioned Quorum will be used to support all the transactions within the internal Crowd Genie’s platform ecosystem using so-called Private CGC (PCGC) tokens, corresponding to the CGC. Only the platform itself and designated authorities will be able to access the permissioned blockchain. A multi-factor authentication (MFA) will apply to most of the users’ actions carried out within the blockchain network.

Crowd Genie has partnered with a technological provider– MC² Innovations, an agile and goal-oriented Polish enterprise-level IT services provider. The team has already undertaken an exhaustive 2-month exercise to identify the MVP scope, technology stack, and milestones as part of the analysis phase. A joint platform’s delivery project, kicked off early August this year, is divided into two major stages. The 1st stage is planned to be delivered by the end of 2018 and is going to cover a crowdfunded model of the lending hub for borrowers, lenders, brokers and ancillary stakeholders. The 2nd stage will enhance the platform’s functionality, including an advanced asset exchange and secured loan products. The initiative is currently in its detailed design stage to be followed by an iterative development and implementation phase starting within the following days.

About Crowd Genie: Crowd Genie Financial Services Pte. Ltd. “CG”, registered in Singapore (UEN # 201600134C), provides services that involve maintaining a list of Issuers which are looking to raise funds by the issuance of Notes, allowing potential Investors to subscribe for Notes issued by the Issuers and such other services as CG may introduce from time to time.

This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.

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