It is no longer news the way we use the bank and their services. The banking industry has undergone some revolutionary changes in the past decades. The era of cowry shells and coins have faded off, and the paper money is gradually taking the back seat, as we transcend into a new era of digitalized everything where transactions are mostly carried out on smart devices.
Today, technology is changing the way we do virtually everything and the banking industry is due for disruption. The Distributed Credit Chain is a new blockchain project, It is the first distributed banking public blockchain. The idea is to transform the financial institutions in various aspects. To throw more light, the Decentralised Credit Chain (DCC) is creating a true distributed Financial services where participants from any part of the world could connect and use financial services through the distributed network. The platform creates a true peer to peer platform by which all participants or institutions from all corners of the world, industries, fields, subjects, account, and class could provide and carry out banking services in a flexible, cost-effective, efficient, simple, and more convenient ways.
Let's take Joe for example, who is from South Asia. Joe is in urgent need of a credit to purchase a home for his family. He has satisfied all the required criteria to take a loan from the bank, but the annual interest rate of taking the loan from his local bank is about 15%. Considering the high-interest rate in his country is high. Through the Decentralized Credit Chain ecosystem, a bank in another country like Germany can see his loan request and assess his ability to pay back the loan. Having satisfied the requirements to take a loan makes a decision to grant him the loan with a reduced annual interest rate of about 8% annually. Through the Decentralised Credit Chain entities can carry out financial transaction seamlessly on the platform.
The Distributed Credit Chain aims to disrupt the traditional banking industry in various aspects. The DCC projects want to begin by taking advantage of the Credit industry. The credit industry plays a critical role in the banking sector and can play a significant role in improving the economy of any nation if it is used to purchase productive resources. It helps facilitate economic growth and adds to one's income.
The credit sector plays a significant role in the banking industry because it provides them with a significant profit. They play an active role to provide a loan to customers in return for an interest payment. With the DCC infrastructure in place, the developed country could help developing country increase their income levels in the economy.
The DCC infrastructure cuts off the middleman and creates a direct link between the borrower and the lender, and as such cutting off excessive charges to obtain a loan. The idea is to create an ecosystem that is efficient, private, transparent, and drastically reduce cost of taking a loan.
The proposition of Decentralized Credit Chain is disruptive and the banking industry is already due for disruption. DCC would prefer a new way to carry out financial transactions and with time it would take over the financial industry. It provides a better solution than the traditional banking industry. I implore investors to look further into this disruptive technology before it takes off.
Thanks for taking the time out to look read this episode of my review, I hope you liked it.
Visit the Distributed Credit Chain official website, join the social media communities and consult the official documents for more information about the project.
Website - http://dcc.finance
Whitepaper - http://dcc.finance/file/DCCwhitepaper.pdf
Facebook - https://www.facebook.com/DccOfficial2018/
Twitter - https://twitter.com/DccOfficial2018/
Telegram - https://t.me/DccOfficial
Telegram2 - https://t.me/dcc_official2
Github - https://github.com/DistributedBanking/DCC
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This article is not a financial advice. Investing in ICO may be extremely risky, always remember to do your own research and consult financial and legal advisors before investing in ICOs.
