Credit is the amount of a certain currency that is borrowed or lends to a person temporarily on the ground that the borrower will pay back the amount borrowed with the agreed interest on the date agreed by both parties involved. This form of business which some may refer to as credit business has had a positive impact on the development and shapening of our society. The aim of the credit market is to help curtail and balance both the short and long term funding deficit. The history of the credit market is as old as civilization itself. With the help of the credit market many significant project known to man which has helped to shapened our very existence has been made possible. Up until the eighteen century, the contractual loan was practiced where lenders utilizes the collaterals as a source of servicing loans. But towards the nineteen century, an even more efficient and centralized platform was established where third party institution between the borrower and the financial lending institutions acts as intermediaries providing people with loans resources and since then the platform has been developing. And with the introduction of mobile phone internet technology, this centralized system has affected the credit market positively and has been playing a very significant role in making credit decision in other global credit market.
Though the system has been very helpful, it is still hunted by its own shadow. Suffice to say, this system has loopholes of its own which may vary from unclear rights and interest, high cost of operations, operational inefficiency, false credentials and privacy leaks to mention a few. These loopholes results from the fact that too many institutions are involved in the whole process thereby making the system porous leading to data leaks from any of the third party institutions involve in the entire process.
For this purpose Cyber Sheng Foundation Limited , a company established in Singapore, whose main aim is not to make profit but to develop an ecosystem where credit business will carried out more efficiently, with low cost of operation, high customer utility and free from loopholes that preyed on the centralized system .This has led to lunching of a new credit platform. This platform is named Decentralized credit chain (DCC).
The Decentralized credit chain (DCC) platform is a user friendly interface which gives users the opportunity to apply for loans using the DCC platform and such request is automatically forwarded to lending institution for assessment and then approval. For this system to serve the user effectively, the applicant is to create an account and register to the platform, the account created will contains certain information about the applicant stored in the DCC database which will enable the lending institution to know about the person they are to give the loan to from the information provided in the applicant’s account and also to do a background check if the information provided are true or false. This account generated provides means of identification on the DCC database and each applicant has a unique means of identification.
The DCC database is developed in such a way that it is immune to privacy and information leaks and also any form third party interference. The mode of operation of the DCC system Is that when one of such credit request (maybe a loan request) is made by an applicant, the DCC platform automatically send the generated request the lending institution who then through the applicant’s information provided in the DCC database, verify such request, do some more information check, weigh the risks before approving the request. It also makes sure that sure request is of legitimate origin and not the handiwork of fraudulent minds. One important check that is also carried out is if the applicant will be able to pay back such loan at the interest rate as at when due. When this information has been carefully verified, then the request is given a go ahead that is to say the loan can then be approved.
With the DCC model of credit facilitation, the high cost of financing loans by borrowers will be significantly reduced, due to the fact that the intermediaries in the credit business wants to make profit so the interest rate will then be on the high side. But the introduction of the DCC platform, there have been joy in the heart of the both the party needing the credit (borrower) and the party providing the funding (lender) because the profit in the credit business is now flowing between the two parties. The DCC platform has greatly helped to liberalized interest rate.
With the success of this initial stage, DCC is expected to evolve into a multinational lending service ecosystem connecting users (applicant) to other financial lending institution around the globe that can provide credit for its applicants.
kindly visit the links below:
Website: HTTP://dcc.finance
Whitepaper: http://dcc.finance/file/DCCwhitepaper.pdf
Blog: https://medium.com/@dcc.finance2018
Twitter: https://twitter.com/DccOfficial2018/
Telegram: https://t.me/DccOfficial
Writer: bluecrab
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2051472
nother great potential application ahead of Enigma's testnet launch this month!
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