Bright Network: Bridging the Credit Gap

Hello guys,
How are you guys, I hope all is well

I have previously reviewed Bright
https://steemit.com/blockchain/@nobreku/fintech-bright-using-blockchain-for-helping-small-businesses-and-smes-get-creditor

This time, I will provide additional information, maybe also a little repeat information that has been submitted.

So far, Bright's position has become more steady. Their intention to become the first and only blockchain company that embraces micro-businesses and MSMEs is increasingly clear and tangible. The Bright community and the social media campaign are already happening.

The Bright Telegram group https://t.me/brightnetwork already has over 8400 members.

While their Twitter https://twitter.com/_brightnetwork with followers exceed 4300.

This is in line with the expectations of many parties, especially micro businesses and MSMEs as those who are in dire need, so that this project will be implemented immediately.

Update information for you, Bright shared information about MVP for iOS and Android that provides small businesses with access to loans through Bright Network.

And most recently, Bright released a video explanation about how to use the Bright application.

In this video, Pierre, Arnold and Jaime from Bright Network explain in detail how to use the Bright application. Including the reason Bright uses a simple and intuitive UI above blockchain technology to store user data and ensure privacy and portability so that small businesses easily build profiles and access financial services needed.

All updated information can be seen at https://brightnetwork.io/blog.

Bright Network https://brightnetwork.io, a technology-based financial services company or blockchain-based FinTech in the UK and incorporated in AMPP Group. In its work, AMPP has developed a B2B technology platform in collaboration with the UK Government Department for International Trade, Affairs Office Foreign and Commonwealth, Commonwealth Business Entity and Investment and Indian Confederation of Industries.

What Bright will do is a matter of anticipation for many parties, especially those who will benefit from this project. Yes, they are meant to be micro-businesses and MSMEs. Support this mission, an efficient and sophisticated mechanism based on blockchain technology, built by Bright. A hard job but a noble aim. Bright aspires to close the credit gap faced by almost all micro-businesses and MSMEs in developing countries such as India, Nigeria and Kenya.

As stated earlier, based on World Bank data, Bright noted that more than 70% of micro, small and medium enterprises (MSMEs) in emerging markets cannot access credit through their banks so there is a credit gap of $ 1.2 Trillion USD. This is also due to the lack of available data on business that will allow banks and other lenders to assess credit risk adequately, accurately and reliably.

Based on these facts and in line with the concept and mission, at the beginning Bright will be directly involved and act as a creditor or funder for this micro and MSME business.

CALCULATION OF CREDIT RISK BASED ON TRUSTED DATA, DECENTRALIZATION AND HIGH LEVEL SECURITY

Micro businesses and MSMEs as prospective Bright partners first register and validate their profile data independently using the platform provided by Bright using a smartphone application. Registered and validated data is protected by Bright's advanced security system that can be used or accessed entirely by the micro and MSME businesses concerned.

Based on this validated data and information, Bright uses it to predict credit risk through computational risk models. This was also done to support efforts to obtain ratings and trust in other prospective creditors such as banking, including other institutional lenders.

All of the above are managed using the Data Vault system. https://brightnetwork.io/network/data-vaults.

Data Vaults allow users to store data in a private, secure way that they truly own. Data stored in a vault on the network Autonomous Data

BRIGHT BOUNTY PROGRAM https://brightnetwork.io/bounty?code=Y36JYN

For those of you who have not joined the Bright bounty program, let's join in, there is still enough time for you.
The reward is spectacular. Total of 60,000,000 BRT tokens for Bright bounty program. Wow !!.