Distributed Credit Chain (DCC) is the world's first banking ecosystem built on a public blockchain. DCC's mission is to develop global financial inclusivity By redistributing credit card rights through blockchain technology and restoring data ownership to individuals, DCC's mission is to transform different financial scenarios and real financial realism. DCC aims to establish a decentralized banking ecosystem for financial service providers around the world. To meet this goal, a new type of bank based on technology was born - "Distributed Bank". This bank is not a traditional bank, but rather an integrated ecosystem of decentralized financial services.
The project has launched a major blockchain - the Distributed Credit Chain (DCC) to set business standards, achieve data consensus, roll out business contracts, billing services, etc. a series of decentralized financial operations.
MISION:
By empowering credit with blockchain technology and returning ownership of data to individuals, DCC's mission is to transform different financial scenarios and realize true inclusive finance.
A core supply chain will be established - DCCs to set business standards, unify the books, execute business contracts, implement payment and payment services, etc.
The project team hopes that after a long period of development (from 5–10 years) the banking system will be able to become an important node of new finance, and traditional businesses can Participating in distributed business ecosystems through distribution banks.
The project will commence credit business on the DCC, and rebuild the business ecosystem of traditional credit through decentralized thinking and distributed technology.
ADVANTAGES:
Break the monopoly power: With a global decentralized banking ecosystem, DCC's goal is to break the monopoly power of traditional financial institutions. This enables cyber-owners and users to receive reimbursements of profits when using the services of the bank, helping stakeholders to benefit as the ecosystem grows. Number Bank will ultimately become the path to a truly comprehensive financial system.
Thinking decentralization: Through decentralized thinking, decentralized banks change the paradigm of cooperation in traditional financial services, develops peer-to-peer cooperation models across regions and regions, with all stakeholders and different accounts.
Transform the business structure: In terms of business, the bank decides to completely change the debt, assets and intermediary business structure of traditional banks. This helps to transform the traditional bank's tree-like structure into a flat structure of a decentralized bank, setting the standard for many business disciplines. Therefore, contributing to improve the overall business efficiency.
Regulatory regulations of the government: Regarding regulations, regulators have the opportunity to access basic assets in real time because the registration information on blockchain can not be tampered with. Large data analysis organizations can also help regulatory authorities better understand and respond to industry risks based on blockchain data analysis.
INOVATION:
Ownership of personal data: The DCC allows the provision of personal data ownership rights based on blockchain technology, rather than centralized credit services that manage all data.
The identity recognition system is unique and can not be denied: Transaction data for individuals and organizations is strictly confidential, due to the nature of decentralization, not to be denied and forged by blockchain.
Credit system decentralization: Individuals have the right to own and store data. Therefore, if an agency or organization wants to use this data, they need to obtain consent from individuals. Data service organizations are no longer able to profit from caching or the freedom to use data.
Low cost and high-performance data and transaction networks: The distributed journaling system and decentralized architecture, independent of single node authentication, have distributed authentication nodes and enhance efficiency with collaborative authentication.
The decentralization allows the marketization of interest rates: People can choose their debtors, and in a decentralized market with more competitors, the power of valuation will depend on the market than the market makers.
Create an open platform ecosystem DCC: All parties involved in the consensus-based process address many of the issues in the centralized credit process, including forgery, high costs and abuse of privacy.
THE VALUE OF THE DCC:
Protect the privacy of users: One of the problems with information security today is that user information is leaked to third parties, which leads to the illegal trade of personal information. With DDC, original personal information and unparsed data will not be stored permanently in third-party organizations. This prevents data from being misused or leaked by third parties.
Reduce the cost of data usage: Personal data can be verified automatically. Therefore, users can freely use or access the data without having to confirm many times. This minimizes the cost of using the data and saves time for the user
Eliminate data exclusivity: Blockchain technology allows individuals to own and use their data and eliminate excess costs due to centralized hosting and data verification from third parties.
Public and shared lending: Since transaction data is accepted by both parties as public, credit history reports are created on the blockchain to prevent problems such as long-term loans and repetitive test borrowing.
DCC SERVICES:
User data on blockchain: With the DCC authorization credential verification service, basic user information is verified, processed, and stored locally while its hash is recorded on the DCC. This makes the processing of personal data faster, personal data can be verified and used many times in the future. Credit agents do not need to constantly ask the user for permission to access their data, thus saving time and money for both.
Get user data: When an agent wants to use an individual's personal data, he or she will send a personal data report and verify it using the credentials of the DCC Intelligence Credential. This verification process will be quick and cost-effective due to the nature
Providing credit services: Credit institutions may contract with DCC's lenders, provide risk control services, analyze user data and provide lenders, then decide Loans based on results from risk control.
==>DCC Distributed Credit Chains provides fraud prevention and modeling algorithms to help financial institutions process personal data without the need to store data. In this way, it helps financial institutions improve their risk control capabilities in line with compliance requirements.
CONCLUSION:
The DCC platform is a combination of the financial industry with the blockchain industry. DCC has made significant strides in continually implementing technological innovations, proposing new credit services, etc.
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