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By: https://bitcointalk.org/index.php?action=profile;u=2230830
Distributed Credit Chain or DCC is a company that wants to create a platform that will put the financial service industry on the blockchain. This is truly a brilliant idea and surprisingly enough even though there are hundreds of firms in the blockchain industry very few of them have actually thought about putting financial services on the blockchain.
If implemented correctly creating a blockchain based financial services platform can be very beneficial to businesses and in fact the global economy. The reason for this is simple, a Distributed Credit Chain will give businesses access to global financial institutions.
Businesses
Businesses are always in need of financial services. Right from the start a business owner needs financing to get his business started. Most business owners rely on banks and other financial institutions like credit unions to get the loans they need.
This might seem simple enough, but it can actually be very problematic at times, and most of these problems are born due to a lack of accessibility. In the current financial service sector people are very limited in the amount of options they have available to them. In most cases the only banks and credit unions a person can seek loans from are those in a close proximity to them.
The reason most people are limited to the banks in a close proximity to them is because of two primary problems. The first problem is distance or borders, usually people cannot afford the time or money to go abroad to seek financial loans from foreign banks or credit unions.
Second problem is even if businesses can manage to reach out to these foreign financial institutions they are still unlikely to receive a loan. The reason for this problem is very simple, most financial institutions will decline a loan request from a foreign business because they lack the adequate financial data on the company to actually make a proper decision on whether or not to loan money to the business or not.
Banks Have too Much Power!
The end results of business owners not having access to global financial institutions is truly an unfortunate one. Either these businesses end up getting their loan offer rejected from their local banks or the local banks ask the business owner for a large interest rate in exchange for the loan. Both scenarios are bad for the business owner.
The reason banks can treat businesses, especially small businesses in such a harsh manner is because the current financial system heavily empowers banks. Local banks know that most business owners (especially small business owners) do not have access to foreign banks and that they have no option but to accept their offer.
Less Power to the Banks!
The Distributed Credit Chain will use blockchain technology, which will make all the financial data of businesses transparent and accessible on a distributed ledger. Since blockchain technology is completely decentralized all the data stored on it is also completely unalterable.
Which means with the DCC platform businesses are no longer limited to local banks. If a business anywhere on Earth were to make a loan request on the DCC platform it will easily gain access to all the banks on Earth. Because banks all over the world can use the distributed ledger of DCC to easily gain access to that businesses financial data and can then make the business an offer.
very nice
Thank you.
We must End old banks .
Completely agree. The future is on the Blockchain!
Thanks.