Blockchain-Based FinTech Loan System in the Works

One of the most impressive things about the blockchain is how it can be applied to modern-day financial technology, even when it’s not part of a cryptocurrency. Alchemy Technologies, a leader in FinTech infrastructure development, has partnered with Skeps, a company that focuses on offering a decentralized marketplace for loans. Together, the collaboration hopes to introduce a new, unexplored category to financial technology – that of a decentralized loan system that is secured by the blockchain.

FinTech Infrastructure is Crucial

Alchemy is no newcomer to the world of FinTech, as many companies use their infrastructure to set up their proprietary financial technology distributions. Their SaaS solutions are used by financial institutions such as banks as a back end for their Fintech offerings. The benefits that a partnership with Skeps brings to the table is a chance for partners that utilize Alchemy’s service to experience lower-cost distribution and less overhead maintenance costs as well. A company using the infrastructure developed by Alchemy and backed by Skeps won’t need to have engineers on hand to deal with issues as they arise. This reality, coupled with the potential for integrating cloud operation, makes it an attractive solution to many growing FinTech companies looking for a low-cost solution for their infrastructural needs.

Loans Secured by a Blockchain

As users and fans of blockchain technology know, the technology is incredibly secure, making it an ideal candidate for incorporating with technology that deals with financial loans. Skeps already has a framework in place for consumer loans, and the integration of Alchemy’s blockchain system simply makes that framework more secure. Confidential information remains between the buyer and seller on the Skeps platform. Skeps hopes to provide a service that doesn’t have too much technological overhead for the users. With Alchemy’s blockchain working in the background, users can benefit from its security without ever having to witness the internal process.