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China’s Shenzhen Launched Blockchain-based Voting System for P2P Lending Withdrawal

Chinese tech city Shenzhen took the lead in launching the blockchain-based voting system for P2P lending withdrawal in the first half of this year. So far, the system has been applied for 27 online lending institutions in the city, serving more than 390000 lenders, covering more than 21.4 billion Chinese yuan of principal to be collected.

The system aims to effectively solve the decision-making difficulties of stakeholders in the course of the benign exit of the platform.

“In the previous practice of lender voting, the voting software of WeChat group, QQ group, social networking site and a few on-site meetings were often used, whose legitimacy and fairness was questioned, and the execution process was often repeated.”

Zeng Guang, Secretary-General of Shenzhen Internet Finance Association, said that in this case, the new blockchain-based voting system provides lenders with voting services and is committed to achieving a fair, open and transparent voting environment.

Peer-to-peer lending (crowdfunding) is an alternative financial system, the essence of which is to provide individual lenders and borrowers with a way of lending money to unrelated persons, or equal parties, without involving a traditional financial intermediary. This method of individual lending has a long history and is even culturally traditional in certain regions of the world. But in modern manifestations, it is usually found in the form of specialized online platforms that bring together those willing to lend with those who would like to borrow.

Over the last few years, blockchain has taken over global financial markets with its disruptive power to transform industries. While multiple sectors have experienced a positive impact on the blockchain, the lending market is ready to be a part of this transition.

The voting system adopts advanced technologies such as intelligent voice interaction, blockchain, biometrics and voting verification services to ensure the openness, authenticity and non-tamperability of the results, and fully protect the lender’s right of knowing, voting and supervision.

“First of all, the voice interactive robot is used to call out to improve the reach rate of voting announcement and ensure the openness of voting. Second, remote identity authentication to ensure the authenticity of voting. Thirdly, identity chain + arbitration chain based on blockchain technology ensures that the results cannot be tampered with. ”

The voting verification service provides supervision from the perspective of voters. The voting system also builds an independent voting verification service to verify whether the data of the voting system is consistent with the data stored on the blockchain, so as to realize the tamper-proof supervision of the voting results.

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