project-proposal-2024

SafeTrade- A Peer-to-peer lending service

Abstract

Peer-to-peer lending often lack the necessary security measures, contract flexibility, and user-friendly features to facilitate convenient and trusted transactions between individuals. SafeTrade addresses these issues by providing an intuitive application that securely connects lenders and borrowers, enabling negotiable rental terms, ensuring financial security for both parties, and offering a seamless user experience. By leveraging a robust transaction mediation system, user verification processes, and adherence to key design principles, SafeTrade aims to create a reliable and efficient marketplace for item lending within local communities.

Author

Name: Quoc Dat Mai

Student number: 47141038

Functionality

SafeTrade will offer the following key features:

• User registration and Verification:
  • Users can sign up for SafeTrade using their email address or social media accounts.
  • Users must provide basic information such as name, contact details, and location.
  • Implement a verification process to ensure user authenticity.
• Listing items for rent:
  • Lenders can create detailed listings for items they want to rent out.
  • Listings will include item descriptions, photos, pricing, rental duration, and any specific conditions.
  • Lenders can specify the availability of their items and manage their rental calendar.
  • Lenders can set custom pricing based on rental duration (e.g., daily, weekly, monthly).
• Search and Filter:
  • Borrowers can search for available items using keywords, categories, or location.
  • Search results will display key item details and lender information.
• In-app messaging:
  • Borrowers can send rental requests to lenders for specific items and propose desired rental terms.
  • Lenders can review rental requests and communicate with borrowers through the in-app messaging system.
• Report system:
  • Users can raise disputes through the platform, providing relevant details and evidence.
  • The platform may implement a mediation process or involve third-party dispute resolution services if necessary.
• Secure in-app payment processing and transaction:
  • Use a trusted payment gateways to facilitate secure transactions.
  • Borrowers will make payments through the platform, and funds will be held until the item is successfully returned.
  • Upon confirmation of item return, funds will be released to the lender, minus any applicable platform fees.

Scope

Minimum Viable Product (MVP)

The MVP will deliver the following core functionalities:

• User registration and Verification:
  • Users can sign up using email and password.
  • Basic verification with email confirmation and phone number verification.
  • Create a profile with their name, contact details, and location.
• Listing items for rent:
  • Create listings with item details, photos, pricing, and availability.
  • Lenders can manage their listings, including editing details and updating availability.
• Search and Filter:
  • Search for items based on categories and location.
  • Basic filters will be available, such as price range and rental duration.
  • Search result will display relevant item details and lender information.
• In-app messaging:
  • Send a rental requests to lenders for specific items and propose desired rental terms.
  • Messageing bewteen lenders and borrowers.
• Report system:
  • Users can send a report ticket through the platform, providing relevant details and evidences.

Quality Attributes

Security:

Security is most important quality for SafeTrade as it deals with financial transactions and sensitive user information. The platform should have a robust security measures, including user verification, secure payment processing, and protection of sensitive user data. All financial transactions will be handled through trusted third-party payment processors. User information will be encrypted and securely stored.

Reliability:

Reliability is crucial for SafeTrade as users expect a dependable and consistently available platform for their lending and borrowing needs. The platform should be designed for high reliability, ensuring that users can consistently access the service, view listings, and complete transactions without errors or downtime. The platform will be thoroughly tested and monitored for any potential issues or failures.

Extensibility:

Extensibility is important for SafeTrade to accommodate future growth, new features, and integrations. As the platform evolves and user needs change, the ability to easily extend and modify the system architecture becomes crucial. An extensible architecture allows SafeTrade to adapt to market demands, introduce new functionalities, and integrate with external systems or services.

Evaluation

Security:

Before launching SafeTrade, a comprehensive penetration testing will be conducted by a reputable third-party security firm. The testing will simulate real-world attacks to identify any vulnerabilities in the system. Regular security audits will be performed to assess the effectiveness of SafeTrade’s security measures. These audits will include code reviews, configuration checks, and access control evaluations.

Reliability:

SafeTrade will implement a robust monitoring system to track the platform’s uptime and availability. The goal is to achieve an uptime of at least 99.9%. Automated alerts will be set up to notify the team of any downtime or performance issues. Stress testing will be conducted to evaluate SafeTrade’s performance under heavy load. The system will be subjected to about 1000 concurrent users and transactions to identify any bottlenecks or scalability issues for MVP launch load test.

Extensibility:

SafeTrade will adopt a modular architecture that allows for easy addition and integration of new features. The system will be divided into smaller, independent components that can be developed and deployed separately. SafeTrade will expose well-defined APIs to facilitate integration with external systems and third-party services. The APIs will be thoroughly tested for compatibility, performance, and security.