Review of ICO Distributed Credit Chain - the value to credit and financial business
We continue to consider the project Distributed Credit Chain and this time we will try to understand how logical the use of blockchain technologies for the credit and financial sphere, or it is only a tribute to the latest trends in the world of technology.
Current state of financial sphere
To begin with, it will be logical to understand what the current state of this sphere is and whether it requires in principle reorganization or everything and so well. If the answer is short, then, of course, the reorganization is required and large. At the moment the financial sphere is characterized by uttermost centralization power in the hands of the state and large financial players, such as banks. From here we get an uncontrollable growth of interest on loans, a complete lack of transparency in the actions of financial institutions, leading every now and then to the next financial crisis and so on.
What can give blockchain, and in particular Distributed Credit Chain
I will write briefly all possibilities:
Destruction of the monopolistic character of the market. You will be able to choose who to give a loan, or who to take a loan. Increasing the competitiveness of the sphere will also affect pricing and lead to a logical reduction of interest rates;
Full protection of data privacy. It is not uncommon when after receiving a loan you are beginning to be treated by unintelligible third parties with some financial proposals, i.e. there is an explicit transfer of your data. It can't happen to blokchejnom. In addition, only you are the owner of your data and decide who and when to transfer them.
Effective data validation and scoring of questionnaires. DCC will allow organizations to automate the process of validating data by making it much faster and cheaper.
Effective use of artificial intelligence system. By means of blockchain artificial intelligence and machine learning will significantly increase the efficiency of financial operations, allow to detect quickly, for example fraud facts and so on.
Transparent database with the history of all credits. All open data (excluding personal) on ever created credit transactions fall into the general chain, and can be used by specialized agencies. As well as it enables the evaluation of clients by future creditors, and credit institutions themselves can be evaluated, for example, by regulators for possible risks.
Total
Having considered this issue more deeply, it became obvious that blockchain is the technology that will help the financial sector to reach a new stage of development. DCC can be the project that will open the door to a new financial world, free from the monopolistic, greedy rule of large financial conglomerates.
Do not forget to closely follow this project on the links: