[PRESS] MyCreditChain’s Vision for Personal Credit Information Market.
Personal Information platform with Incentivization and a cutting-edge data gathering technology.
Facebook scandals provoked an awareness on personal information and privacy among the public, where major corporations crop on the users’ personal information from their free services. There are multitude of new startup companies aiming for personal information business with blockchain technology.
MyCreditChain is one of them. It plans to incentivise each user for providing personal information like income, credit card usage with cryptocurrency. MyCreditChain provides a platform where each user sells personal information to companies in needs of such private information.
With multitude of companies promising similar compensation models, centivization alone can not be a decisive winning factor.
In this regard, MyCreditChain promises the quality of information; it provides latest information. To keep up-to-date, users do not have to manually update their data. Upon each user’s consent, MyCreditChain provides automated data gathering directly from original sources like National Pension Service. When a user moves, changes jobs or has any change in the salary, the changes are automatically reflected on the information provided by MyCreditChain.
Yang Jae-bong, CEO of MyCreditChain, said, "If public institutions do not provide APIs, we can use data scraping methods to import data directly. MyCreditChain has the ability to update data with scraping technology.”
MyCreditChain emphasizes that credit information is a valuable data for marketing and that the market for purchasing it is already huge. If the quality of information is maintained, a blockchain-based cryptocurrency reward model will open up a new paradigm.
MyCreditChain is based on an open source-based private blockchain, Hyperledger, and InterPlanetary File System (IPFS) as a distributed storage system infrastructure.
Hyperledger stores transaction records, and IPFS stores actual data. Storage providers for IPFS will share fees with the information selling users using the provided storage, and the fees will be provided by the companies requesting the data. MyCreditChain does not only utilize public blockchain like Ethereum, because Ethereum has a scalability issue as well as a high transaction fee.
For the main chain, the MyCreditChain uses hyperledger, but its tokens (MCC) and smart contracts are based on ERC20 and Ethereum. A gateway solution is also in preparation, connecting Hyperledger and Ethereum.
MyCreditChain will launch a Minimum Viable Product (MVP) to let the public experience the service in the near future. The MVP will allow the public to see how MyCreditChain really works. MyCreditChain Official service launch is scheduled at the end of this year or early next year.
■ Source : Thebchain View original article
▶In-house venture of a company that has been leading the development of Korea’s financial system for 20 years
▶MCC has already been recognized for its business and technological potential with investment of 3 million dollars.
▶Our ongoing ICO is about raising funds to work together with various partners and users from across the world. We also want to combine proven technology and business with the ideas of Blockchain
▶MCC is not just a product or service. It is a platform and solution for various global partners.
▶MCC enables transparent distribution of “People to people” credit information and new value innovation for anyone in the world.