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Mayuri
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CS297 Proposal

Credit score based lending system on Ethereum Platform

Mayuri Shimpi (mayuripraveen.shimpi@sjsu.edu)

Advisor: Dr. Chris Pollett

Description:

The objective of this research is to develop a lending system on the Ethereum platform. This system integrates credit scoring used in the traditional banking system to assess borrower's risk of defaulting. Firstly, a notary validates the authentic identity of a borrower and then a group of auditors securely stores a portion of the borrower's real identity in an Ethereum account, all while ensuring the borrower's anonymity is maintained. And secondly, the smart contract for the credit bureau connects lenders and borrowers and updates the credit scores. Furthermore, the k-nearest neighbors algorithm is employed to automatically calculate and update credit scores directly on the blockchain.

Schedule:

Week 1: Aug 23 - Aug 29 Meeting to discuss project topics and read about Ethereum
Week 2: Aug 30 - Sept 4 Finalize Project topic and deliverables
Week 3: Sept 5 - Sep 11 Review Literature on Ethereum Blockchain and lending systems. Finalize the project proposal
Week 4&5: Sep 12 - Sep 25 Read reference paper and work on the Deliverable 1
Week 6: Sep 26 - Oct 2Complete deliverable 1. Read and summarize reference paper.
Week 7: Oct 3 - Oct 9 Present reference paper summarization. Start working on deliverable 2.
Week 8: Oct 10 - Oct 16 Discuss blockers and continue to work on deliverable 2.
Week 9: Oct 17 - Oct 23Complete the deliverable 2. Read and summarize reference paper 2.
Week 10: Oct 24 - Oct 30Present the paper summary. Discuss and start working on deliverable 3.
Week 11: Oct 31 - Nov 6 Discuss blockers and continue to work on deliverable 3.
Week 12: Nov 7 - Nov 13Complete the deliverable 3 Read and summarize reference paper 3.
Week 13: Nov 14 - Nov 20 Present the paper summary. Discuss and start working on deliverable 4.
Week 14: Nov 21 - Nov 27Discuss blockers and continue to work on deliverable 4.
Week 15: Nov 28 - Dec 4Complete the deliverable 4. Start working on CS 297 report (deliverable 5).
Week 16: Dec 5 - Dec 11Complete the deliverable 5.

Deliverables:

The full project will be done when CS298 is completed. The following will be done by the end of CS297:

1. Create a coin-flip app in Solidity.

2. Set up a local blockchain.

3. Implement Smart Contracts and understand existing codebase: implement a method

4. Present limitations of existing lending systems

5. CS 297 report.

References:

[1] G. Wood, 'Ethereum: A secure decentralised generalised transaction ledger,'2014.

[2] T. H. Austin, K. Potika and C. Pollett, 'Autonomous Lending Organization on Ethereum with Credit Scoring,' 2023 Silicon Valley Cybersecurity Conference (SVCC), San Jose, CA, USA, 2023.

[3] C. Busayatananphon and E. Boonchieng, 'Financial Technology DeFi Protocol: A Review,' 2022 Joint International Conference on Digital Arts, Media and Technology with ECTI Northern Section Conference on Electrical, Electronics, Computer and Telecommunications Engineering (ECTI DAMT and NCON), Chiang Rai, Thailand, 2022.

[4] L. Andolfo, L. Coppolino, S. DAntonio, G. Mazzeo, L. Romano,M. Ficke, A. Hollum, and D. Vaydia, 'Privacy-preserving credit scoring via functional encryption,' in International Conference on Computational Science and Its Applications, 2021

[5] 'The solidity contract-oriented programming language.' https://github.com/ethereum/, accessed November 2020.