Distributed Credit Chain - revolutionising the financial credit industry

In the world today, it could be seen that there is no real fulfillment in the financial/banking sector today as regards productivity and benefits. This is partly due to the fact that credit lending facilities which could be the centerpiece of bank proceedings are rather incompetent to borrowers and lenders. With the current credit system in place, everything is particularly centralized as banks have a field day fixing up high lending rates and extra charges. Borrowers and Lenders alike are left at a disadvantage because they get poor deals. Imagine this scenario, where a borrower gets charged 30% interest annually and a lender is given just 5% annually of his lending income as gain. The bank probably wouldn’t use their money to fund the loan, they end up using the lenders money and smile with the remaining profit. Good news! This doesn’t always have to be the case; I came across a project called the Distributed Credit chain (DCC) platform. DCC is the world’s first distributed banking public blockchain with an objective to provide a decentralized ecosystem for financial service providers around the world. By vesting credit with blockchain technology and returning ownership of data to individuals, DCCs aim is to revamp different financial schemes and realize true finance.

DCC in detail

The DCC platform introduces the concept of Distributed Banking. The concept of Distributed Banking is to break the monopoly of established financial organizations (which are most times biased) through fair financial services and return earnings from financial services to all providers and users involved, so that each participant who has contributed to the evolvement of the ecosystem may be encouraged with incentives, thereby achieving true inclusive finance. This is how the DCC platform works - in the system, interest rates will be determined perceptibly according to the demand and supply of credit in the ecosystem. There is full confidence in the personal data of the lender. During the initial registration, personal data will be validated and a new instance will not be created in the consequent processes. The borrowers would have to submit a borrowing request, the request is then processed through the automated risk system, then the lenders receive the eligible borrowers and they would be able to decide the credit funding conditions as they wish based on the credit scores and provided information of the borrowers. The meat of the whole process is that lenders and borrowers meet a decentralized approach under the DCC platform and there is no need for an intermediary.s

DCC In use

The Ethereum Blockchain based project is structured to revolutionize the credit sector in the aspect of finances, I’d give some reasons why:

• It offers transparency and attainable credit history – with the transparent nature of the blockchain, where everything is stored immutably, your credit scoring and history is stored in a reliable way and it’s backed up by evidence. So therefore lenders can simply view your records on the blockchain to ascertain if you are indeed credit worthy.
• It offers a self-supporting ecosystem with a rewarding system in place – In the event that a lender finds out that a loan request is not suitable for lending, there would be rewarded in DCC tokens for trying to keep the reputable standard of the DCC platform. Also creditors can also set their DCC minimum limit for them to process the lending operation, borrowers can also increase their limit thus scaling up the priority waiting list. This way, the processing is distributed organically, prioritizing the individuals with more funds available.
• It offers worldwide credit potentials – with the decentralized nature of the platform and cross-border prominence, DCC can interact with legal tenders of loans in multiple countries. Becoming the platform for worldwide lending is one of DCCs focal points as lending in different currencies would be accessible.

Roadmap

Team details

In conclusion, DCC has a lot to offer, coupled with the underlying blockchain technology, finance would be greatly reformed.
To learn more about the project, feel free to visit these useful links:
Website: http://dcc.finance/
Whitepaper: http://dcc.finance/file/DCCwhitepaper.pdf
Telegram: https://t.me/DccOfficial
Facebook: https://facebook.com/DccOfficial2018/
Twitter: https://twitter.com/DccOfficial2018/

Authors' details:
My bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1817986;
Telegram username: @templar97
BTT username: templar97