Distributed Credit Chain - Financial Services Blockchain

in #eth • 6 years ago

The main idea of the DCC founders is to create a distributed banking system, which will improve the current banking system, including document flow, distribution of credit income, confidentiality, etc., using blockchain technology.

DistributedCredit Chain (DCC) represents the world's first decentralized system, which seeks with the help of technology, the Blockchain, to organize all participants in financial services.

The main goal of the project is to improve all available financial scenarios, due to which:

any borrower will be able to log in to the blockchain system without any problems for interaction with suppliers, as well as data transfer;

it will be possible to extract different characteristics of the data, as well as to clean them, avoiding the biggest problems in the future;

the platform will eliminate such problems of the centralized system as long-term borrowings, and will also allow them to be settled, at the expense of a transparent blockchain system;

any funding provider will be able to earn with DCC easily and conveniently, as well as manage their business safely and securely.

Why a Distributed Credit Chain (DCC)

  • Prevent wrongful credit reporting

While many companies are global players, and yet international data protection and banking regulations prohibit the transmutation of consumer records across countries. This means, if you are an individual who moves countries or a company seeking to raise capital, your access to credit is geographically constrained. If you think about the dynamics of globalization and how integrated the world is today, this is an artificial constraint. Because blockchain is a distributed ledger, credit providers and borrowers can interact from anywhere in the world and transaction data is available to every member of the ecosystem regardless of their location.so DCC will be a useful tool.

  • Privacy, prevent fraud

Many Companies records on hundreds of millions of users making them significant targets for hackers. With a decentralized system, information all the information is not in one place, even if one system is hacked, it does not compromise the entire ecosystem. With DCC, there is a real-time log of transactions, such that if your identity has been stolen, you will know sooner rather than later because you will have visibility on all the credit applications made using your profile as they happen. Today, it can be weeks or months before you know if you have been the victim of identity theft.

  • Prevent the monopoly of large financial institutions

Blockchain enables distributed banking by supporting an ecosystem of interlinked buy separate financial. No one monolithic entity holds all the data in a blockchain system and all players can see complete transaction records. Presently, each of the Big Three and other credit bureaus are separate privately held companies with disparate closed systems. They do not share data and have different methodologies for computing individual credit scores. Additionally, as an individual consumer you do not have direct, real-time access to your own information. Blockchain technology enables an effective disintermediation of credit scoring that results in lower transaction costs to businesses and individuals alike.

For information

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6 years ago in #eth by
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