In this article, we will discuss a concrete use case from the CyberMilesblockchain. We will show how to set up a decentralized and privacy-focused small business loan exchange.
Alice wants to get a small business loan to expand her online store. On CyberMiles, Alice makes public her loan requirements as a request.
The request is identified by a public key, but gives out no personal information. Only Alice knows the private key that pairs with the public key. On the blockchain, Alice is anonymously identified by this public key.
Since Alice’s entire credit and reputation history are recorded on the blockchain and associated with her public key, Bob will be able to evaluate and offer a loan.
Again, Bob only reveals his offer with his public key without any private information.
Executing the contract
Should Alice accept Bob’s offer, they will both enter a Smart Business Contract, which is a software program on the CyberMiles blockchain.
They will send in personal information together with digital signatures. The digital signature can only be generated by someone who knows the private key, and hence proving to the Smart Contract the identify behind the public key.
The Smart Business Contract program executes the financial transaction securely and privately without human intervention.
With trusted data, the CyberMiles blockchain provides an extremely valuable platform to build and deploy e-commerce and financial applications on a highly scalable and secure CyberMiles blockchain.