The invention of blockchain has proven to be good news all round has it has solved many problems in different sectors that has been deemed impossible to overcome over recent years, but as blockchain technology has done its best in solving most problems, some problems have proven to be a thorn in the flesh as it has been hard to overcome them simply by usual means. For example, let is take a look at problems associated with centralized services. One of the problems associated with centralized services is the issue of cost, as the usual model of credit agency demands the sharing of costs incurred by non interest-earning elements such as client-gaining and data also non-repayment of loans by charging those who have the ability to pay the money back. Another one is the problem of borrower's interests as borrowers are not granted the knowledge of their rights and interests barring them from effectively accumulating their credit due to their inability to self-certify their credit. An issue which is also hindering the movement of the system is the issue of profiteering as many financial institutions have diverted from serving customers which is the primary aim of setting up due to monopolistic advantages to more centers. Joint debt problem is not also left out as a setback to the system, as most borrowers believes no one holds the right to know more about the transaction of their loans and repayments rather than themselves, but that has not been the case, thereby causing dispute among parties involved. The aforementioned problems are the once hampering the progress of the system, if not all, some. But as the DISTRIBUTED CREDIT CHAIN has come with the solution, let us briefly go through what it entails.
DISTRIBUTED CREDIT CHAIN
Distributed credit Chain is a main blockchain platform which is introduced to establish business standards, deploy business contracts, reach consensus on the books, implement liquidation and settlement services e.t.c, for a variety of distributed financial business. Since the platform is blockchain based, it aims to reconstruct the business ecosystem of traditional credit through decentralized thinking and distributed technology for the benefit of all, thereby integrating the value of decentralized blockchain to credit business. DCC uses a consortium chain architecture in its initial stage, so that participants will need not to pay for costs to reach consensus in block generation, as such, the smart contracts of partners must be submitted to the Foundation for review on the open platform and verified in the test environment before they are deployed on the chain. DCC possess a User Account Identification System in which each individual user or institution has one DCCID generated through Public-Private Key Pair in order to form an address which then acts just like a member ID in a traditional Internet system,thereby identifying and associating various real-time attributes and information on the credit chain.
ADVANTAGES OF DECENTRALIZED BLOCKCHAIN TO CREDIT BUSINESS
Decentralized blockchain to credit business host a lot of benefit to its users, some which will be highlighted as follows;
- Monopoly and profiteering eradication
- Improvement of Data Validation Efficiency and Reduction of data Use Cost
- Reasonable privacy protection
- Artificial intelligence risk control
- Positive data feedback
- Lending activities being disclosed
DCC SYSTEM STRUCTURE
DCC system structure consists of some major elements that makes it to stand firm. One of the elements is the dApp which can be submitted to DCC given that they are based on the platform's standards. The dApp will be provided with customized development services in early stages, so as to assist lending institutions package and let go of the lending client based on the underlying technology of DCC. Another element is the wallet system (DCCwallet) which consists of the private key, public key, and address(identical to ethereum). A gateway service is also available to serve the ecosystem participants who does not possess the ability to directly access DCC through RPC. An Open platform (centralized system) which serves as a data provider and market is also run on DCC. The open source framework such as DCDMF, DIV, and SDV will be open sourced at github given with open source on github as partners are given opportunity to modify these frameworks for more customized services. Another element is the blockchain and smart contract completes the platform's ecosystem we have been talking about, as it is subdivided into four parts namely Consortium Chain Governance Architecture, smart contract, Public chain structure and the consensus algorithm.
BENEFITS OF THE ECOSYSTEM.
Advantages of using this platform are highlighted below;
- It is an efficient, low-cost credit business system.
- High resilient security on asset with excellent asset liquidity is offered.
- It posseses a unique and tamper-proof identity system.
- There is a liberalized interest rate formation mechanism in the system.
- Availability of Cross-entity, permanent data storage and shared creditor's rights record.
For more info about DCC, visit
Website: http://dcc.finance/
Whitepaper: http://dcc.finance/file/DCCwhitepaper.pdf
Telegram: https://t.me/DccOfficial
Twitter: https://twitter.com/DccOfficial2018/
Author; teepheh
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2142272