Distributed Credit Chain (DCC) is the world’s first distributed banking public blockchain with a goal to establish a decentralized ecosystem for financial service providers around the world. DCC’s mission is to transform different financial scenarios and realize true inclusive finance by empowering credit with blockchain technology and returning ownership of data to individuals.
WHAT IS DISTRIBUTED BANKING?
Earlier, the clients had to turn to only a few financial institutions in the market, whereas now the distributed banking system enables numerous financial institutions to collectively provide competitive services. To ensure that the transactions and credit data cannot be tampered with nor denied, DCC launches a user account system based on the decentralized DCCID. The whole transmission process is securely encrypted, protecting the information from interception by storing the individual credit data in the cloud. Blockchain transforms the personal data system from centralized to decentralized with its intelligent framework of contractual interaction. And also based on open standard protocols, each party involved can create smart contracts, develop Dapp and expand DCC’s ecological environment
DISTRIBUTED BANKING AS THE FUTURE OF THE FINANCIAL INDUSTRY
For a long period of time the biggest problem of the traditional financial system is its centralization and monopoly. The market has fallen into the hands of a few financial institutions, which control the credit data of all individuals and determine the flow and interest rates of all funds, so as to make huge profits for themselves.
Such centralized financial system is to be replaced by DCC with numerous equal service providers. Credit data will no longer be controlled by banks, but back to everyone’s own possession. Now clients can match their needs to many financial institutions and to trade on the blockchain platform based on same standards.
As a result, transaction costs are extremely reduced and individual users will gain equality with service providers. A large number of small financial institutions will make decent gains from the market by bringing their own unique advantages into play. These financial practitioners are provided with a greatest opportunity ever to take a huge leap forward by DCC’s distributed banking public chain. Also the traditional banks will be low risk by the new economic pattern which will ultimately benefit them in the long run.
With the power of large institutions restricted, the entire financial market becomes more efficient and risk-dispersed. Such improved financial system can, in turn, promote the social and economic progress and make the “lubricant effect” even more prominent.
HOW DOES DCC ACHIEVE INCLUSIVE FINANCE?
Let’s take this South African family as an example. They would not have to pay expensive fees, or spend time and money building credit records with a bank. Financial institutions around the world would be able to learn of their circumstances and offer appropriate services by registering their credit footprint on the DCC platform and entering the needs of the family. The cost of financial services on DCC can be greatly reduced by cutting out credit data control from traditional central financial institutions. The family can quickly and easily find out what they can afford to borrow and sign digital contracts online.
As the family works hard and begins to repay their loans, they leave a positive footprint on their DCC records. Family is the owner of their own credit data and other financial institutions cannot take control of these records.
Similarly, the general public all over the world can, through DCC, prove that they are trustworthy and have the ability to repay loans before quickly obtaining financial support. DCC has a positive impact on financial activities by rewarding the service party and trustworthy borrowers in the form of digital currency. Compared with traditional financial markets, the DCC platform not only achieves lower interest rates and easier borrowing but also will greatly reduce default and risk.
The global economic polarization of the rich and poor can be curbed and productivity from individuals from all social backgrounds enhanced as greater numbers of people get the support they desire through DCC and transform their lives. One of the greatest features of the distributed financial services system is that it enables financial services to reach an extensive number of people and spread benefits to all sections of the society.
IMPACTS ON SOCIAL ECONOMY AND BLOCKCHAIN TECHNOLOGY
Ambitious and diligent people in the low and middle classes can get loans at a reasonable rate through the new system, which helps more people to start a business and ultimately increase the society’s overall wealth. Rendering to manage their credit footprints, the general public can keep up to date with their own credit data. This avoids unwary consumption and investment.
Resulting in increased efficiency and decreased risks of capital utilization, more social capital flows to the investment-worthy areas. In addition, supported by the real financial activities, DCC, the key platform of distributed financial service system, has a solid value foundation for its digital currency. And also DCC clearly indicates the direction where the blockchain technology is heading.
For More Information Visit :
Website : http://dcc.finance/
Whitepaper: http://dcc.finance/file/DCCwhitepaper.pdf
Telegram : https://t.me/DccOfficial
Facebook : https://www.facebook.com/DccOfficial2018/
Twitter : https://twitter.com/DccOfficial2018/
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