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Author Topic: Pay instalments loan by blockchain  (Read 63 times)
Tadyu228
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March 23, 2018, 07:57:11 AM
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Hi. I wonder is that anyway to assure people pay by instalments in blockchain ?

example:
I buy a car with a instalments plan if i pay in:

- Fiat currencies: I have to have my credit score, my indentity document, .... to assure my payment. We all known how it work.

- Crypto currencies: What will make sure that I will pay monthly, daily,...? Anyway to make pledge or collateral with smart control ?  Huh Huh Huh
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Xynerise
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March 23, 2018, 08:10:22 AM
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Not possible directly in the blockchain.
Smart contract solutions like Salt, Lend, etc require KYC even though they do not require credit score.

Of course you could leverage the power of bitcoin smart contracts (HLTCs, CLTV, and CSV) a la the Lightning Network, to create a multisig collateral but when assets not native to the blockchain are involved, nothing forces the participants to behave so the process is not fully trustless.
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March 24, 2018, 06:05:48 AM
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There are several applications of blockchain and one of those is payment system. It is not impossible to implement because as of now, the concept of blockchain is already becoming famous. It will be a good idea to implement payments and onerous auditing through blockchain because it will provide ease, convenience and transparency among the company and the customers.

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March 24, 2018, 06:20:00 AM
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For that, you totally need a trusted centralized body that handles the transaction, which can be done traditionally (banks).
Installment-based payment is out of scope of bitcoin blockchain's "trustless" payment solution, period.

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