Distributed Credit Chain (DCC) - why we need DCC
Without the help of credit, the progress of individual human cannot be made. When it comes to your credit rating, you have very little control over what transactions are put through in your name, nor do you have clear visibility on how the rating is computed. What if there was a better way? Blockchain technology enables a better approach to collecting, accessing and using credit reporting information. Leveraging the key features of blockchain we can move to a Distributed Credit Chain (DCC). This is a decentralized ecosystem in which all participants, credit providers, and borrowers, can access and add credit records and transactions from anywhere in the world and in real time.
DCC is will create a decentralization system for suppliers of financial services throughout the world. By expanding the capabilities of blockchain technology and bringing back the data rights of individuals, the MISSION- distributed credit chain should change the various financial scenarios and implement real financing. With the support of the block chain, the credit sector will be transformed. Distributed Credit Chain Funding the implementation of efficiency and ensures that no single agency will monopolize significant credit information.
Thanks to the use of decentralization, a virtual bank retort will replace the model used by current financial institutions. Instead you will create a P2P business model that will allow you to contribute from any region of the Earth. With regard to commerce, this will change the way of looking at the business structure of assets, loans and referees. The legal responsibility in the business will be changed by the administration of distributed assets.
why a Distributed Credit Chain (DCC)
Prevent wrongful credit reporting
While many companies are global players, and yet international data protection and banking regulations prohibit the transmutation of consumer records across countries. This means, if you are an individual who moves countries or a company seeking to raise capital, your access to credit is geographically constrained. If you think about the dynamics of globalization and how integrated the world is today, this is an artificial constraint. Because blockchain is a distributed ledger, credit providers and borrowers can interact from anywhere in the world and transaction data is available to every member of the ecosystem regardless of their location.so DCC will be a useful tool.
Privacy, prevent fraud
Many Companies records on hundreds of millions of users making them significant targets for hackers. With a decentralized system, information all the information is not in one place, even if one system is hacked, it does not compromise the entire ecosystem. With DCC, there is a real-time log of transactions, such that if your identity has been stolen, you will know sooner rather than later because you will have visibility on all the credit applications made using your profile as they happen. Today, it can be weeks or months before you know if you have been the victim of identity theft.
Prevent the monopoly of large financial institutions
Blockchain enables distributed banking by supporting an ecosystem of interlinked buy separate financial. No one monolithic entity holds all the data in a blockchain system and all players can see complete transaction records. Presently, each of the Big Three and other credit bureaus are separate privately held companies with disparate closed systems. They do not share data and have different methodologies for computing individual credit scores. Additionally, as an individual consumer you do not have direct, real-time access to your own information. Blockchain technology enables an effective disintermediation of credit scoring that results in lower transaction costs to businesses and individuals alike.
Continuous pioneering entrepreneurs Before setting up DCC, he led one of the leading attorney firms in China and led to the development of an internet credit system for the multi-billionth trust. In the future, the company was successfully sold.
• Oxford University MS in Financial Economy, Ph.D. (Candidate) Finance, London School of Economics, Research focused on financial and game theory
Final word
DCC attracted high attention from mass media, experts and investors around the world, and raised $ 26.4 million in two private sales. Blockchain applications in financial services are truly exciting. They present an opportunity to provide debt registration, credit reporting, and other financial services globally in a more convenient and customer-centric way. Decentralized credit chains also minimize fraud and the risk of identity theft. In the current framework, individual job seekers, credit applicants, and prospective homeowners are left at the mercy of a flawed model in the credit reporting industry. A critical first step would be to give consumers visibility, in real time, on how their data is collected and used. Distributed credit chains address this.
Connect with DCC
Telegram Group1: https://t.me/DccOfficial
Telegram Group2: https://t.me/dcc_official2
DCC Website: http://dcc.finance/
Twitter: https://twitter.com/DccOfficial2018
Bitcointalk: https://bitcointalk.org/index.php?topic=3209215
Facebook: https://www.facebook.com/DccOfficial2018/