DISTRIBUTED CREDIT CHAIN: A NEW MODEL BLOCKCHAIN INFRASTRUCTURE FOR AN INCLUSIVE FINANCIAL ECOSYSTEM

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THE INCAPABILITIES OF THE BANKING SYSTEM
Banks were established with the sole purpose of oiling and powering the wheels of the economic system of a nation through the provision of financial services such as deposit acceptance, credit facilities, and expansion of the real sector of the economy. Credit facilities are critical drivers of economic growth and wealth optimization at the microeconomic and macroeconomic sectors. Investors borrow loans from lenders, at a fixed interest rate, to execute business activities and/or create new investment. The efficient management of credit business bears significant positive influence on the development of the society.

Banks were supposed to be people-centered but reverse is the case. The financial and credit is highly centralized and self-serving. The credit business is plagued with issues such as ambiguous knowledge of the rights and interests of borrowers, high operating costs, inefficiency, information distrust, profiteering at the expense of customers, and privacy leak. The underlying factor to these problems is the provision of credit services by disparate agents via different types of centralized systems. The fragmentation existing in the credit business has led to information asymmetry which intermediaries capitalize on to make bumper profit. Centralized credit system is monopolistic and somehow exploitative. There is a need for a better system that will incorporate wealth distribution with decentralized technology. This is the void that Decentralized Credit Chain (DCC) aims to fill.

The Blockchain is a decentralized public ledger based on a distributed network. It is a trustless system that eliminates intermediaries and their associated problems. Its prominent features include transparency, immutability of records, and security. Blockchain is an ideal solution to the problems identified in centralized credit systems. Distributed Credit Chain has already mapped out the solutions to the issues of concern in centralized credit business and is using blockchain to implement these solutions and bring about a novel advanced credit ecosystem that is fair and beneficial to all.

THE DCC SOLUTION

DCC is a decentralized platform designed to facilitate banking. It aims to build a distributed credit platform that supports smart contracts for the deployment of business contracts and host DApps from other platforms that conform to DCC standards. The DCC platform uses the PBFT (Practical Byzantine Fault Tolerance) algorithm to reach consensus on the books and hence ensure high performance of the platform. The network layer protocol for DCC is the SWIM, an acronym for Scalable, Weakly-Consistent, Infection-Style, and Processes Group Membership Protocol. Distributed Credit Chain consists of systems or components geared towards enhancing management of user identity, data security and provision of credit in a transparent manner. These systems include user account identification system and the distributed identity verification system.

The User Account Identification System provides users in the DCC ecosystem with a digital ID called DCCID. The DCCID is an address generated via the public-private key pair and contains real-world identification attributes as well as information on the credit chain. This is done in a very secure way such that data exchanges between APPs are encrypted using the AES standard to prevent data leak.

Distributed Identity Verification (DIV) System:
The DIV system gives control and ownership of data to the users. It maintains the integrity of data by preventing data falsification through the use of digital signatures and data circulation. This eliminates third parties or intermediaries in the sharing and storage of data. The DIV system aims to establish a decentralized peer-to-peer (P2P) verification system in a manner that data leakage is reduced to the minimum. This system empowers data owners (users) to determine how their data are used or disseminated, and this definitely aligns with the provisions of the General Data Protection Regulation (GDPR).

Derivable Benefits from Decentralized Credit Chain
DCC offers diverse benefits including provision of a secure tamper-proof identity system, decentralization of credit reporting system, reduction of cost of credit business, cross-entity, permanent storage of data and shared creditor’s rights records, improvement of data validation efficiency, privacy protection, and asset protection. The platform can be used to facilitate and provide various credit services such as loan registration and consumer loans services as well as asset securitization.

DCC TOKEN
DCC is the native token of the DCC platform and it will be used to settle payment for services or any kind of transactions carried out on the platform. DCC will be used to redistribute ecosystem benefits through the credit reward pool and to reward good credit behaviors. DCC tokens will have their own wallet – DCC wallet. The wallet uses a generation mechanism that is similar to Ethereum’s.

CONCLUSION
Distributed Credit Chain is on a mission to revolutionize the financial sector and birth an inclusive financial ecosystem where individuals have control over their personal data. The traditional financial (banking) system is flawed on many fronts, but DCC is poised to solve all these with its model decentralized blockchain purposely built to bridge communications and exchange of financial data among participants. Welcome a new era of banking, a distributed banking ecosystem by all and for all.

TOKEN DETAILS
Symbol: DCC
Type: Utility Token
Soft cap: 14,500 ETH
Hard cap: 36,500 ETH
Total Supply: 3,393,819,508 DCC
Circulating Supply: 981,909,288 DCC
Exchanges DCC is trading on: Kucoin, Dex.top, Bibox

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