Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.
SHIFT.cash, the first car title lending platform based on smart contracts, opens a new opportunity for borrowers to access loans.
Opening new avenues for risk mitigation in the lending sector, blockchain-based innovator SHIFT.cash is creating a new way for borrowers to access loans, backed by vehicles pledges facilitated via mobile, while contributors gain useful collateral in the form of self-transportable assets.
The niche sector of securing quick loans by way of putting up car ownership titles is already estimated to be in the billion dollar region and continues growing across the world, along with rising car ownerships. However, some challenges have been noted in the industry, foremost of which is the high interest rates involved, a fragmentation of a market neglected in terms of development and the absence of global makers.
SHIFT.cash CEO Thomas Novak holds on to the company’s long standing desire to simplify the process of investing in foreign ventures without sacrificing safety, and looks towards blockchain as a means to insure that investments are only placed against easily liquidated collateral, in this case, cars.
The specialized car-backed loan platform will be marketed to car dealerships, credit brokers, and other financial aid services, such as microfinances and consumer credit coops, while seeking to branch out with other partner institutions internationally. Once connected to the platform, all participants will be able to offer loans to seekers with unrestricted caps at more attractive interest rates.
Through the direct linkages, processing costs will be vastly reduced, enabling a total loan condition that will improve the market average by at least 20% and up to 60%, depending on the location. Furthermore, as contributors receive commissions accrued from each loan, these will form further funds to loan out to new seekers.
Having gained several years of acute experience in secured lending after its founding in 2015, the Vienna-based tech firm has already introduced its technology in car pawn businesses in France and Germany. This history has slowly led to the creation of an automated system for assessing car pledges, called SHIFT.Appraisal, which minimizes the human factor and forms the basis for SHIFT.cash’s platform.
The tech firm has also announced a token sale for the project on February 5th, 2018, to raise capital funding needed to further concept’s development and the product’s launch.
Through a mobile app, SHIFT.cash can be used to estimate vehicle’s cost and degree of liquidity, which will then determine the maximum loan amount applicable. This loan amount will never exceed 35% of the car’s market value. Its sophistication ensures that all business processes will synchronize in real time between the blockchain and app, ensuring that all users can monitor financial indicators and lead generation metrics as long as they are connected.
Benefiting from the maturity and stability of the Ethereum blockchain, the SHIFT.cash platform ensures that all transactions and conditions are adhered to by strict conditions enforced and managed by smart contracts.
At the back end, each loan and backing collateral will be stored on a separate block on Ethereum, ensuring that its properties are permanently recorded and impossible to tamper with. Additionally, the system will integrate with a pledge register, allowing an automatic assignment of pledged vehicles.