Vision and Mission
Distributed Credit Chain (DCC) is the world’s first distributed banking public blockchain with a goal to establish a decentralized ecosystem for financial service providers around the world. 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.
Problems
The traditional financial industry is highly centralized. Financial transactions rely heavily on the endorsement and support of large financial institutions, with substantial transaction fees paid out to these institutions. Monopolistic financial institutions have in fact raised lending rates for borrowers and reduced the interest income for lenders.
- Cost
The core model of a credit agency is to share the costs of non interest-earning elements and bad debts by charging the "good guys" who can pay back the money. For borrowers, it brings an additional cost. - Efficiency
From the credit agency's perspective, a lot of time and efforts are wasted in verifying the credit of borrowers who do not meet the agencies’ risk criteria, which leads to wasting resources and decreasing efficiency. - Profiteering
A centralized credit model entices many financial institutions to deviate from their primary purpose— serving customers. Aiming for profitability, they deduct lenders while squeezing borrowers, and expand their profits by extending their customer base.
How We Solve Problems
- Borrowers
Individuals with specific borrowing demand establish blockchain account to authorize data service provider and Initiate borrowing request - Data Service Provider
Integrate individual data and store them on the chain, clean dirty data, and provide data standards - Algorithm & Computation Service Providers
Extract characteristics from data, make judgments based on policies and quantify judgment based on characteristics. - Credit History Feedback
The approved credit history reports generated on blockchains prevent problems such as long-term borrowing and repeated test borrowing. - Funding Providers
Not directly involved in lending but provide funding (such as ABS-purchasing institutions). - Risk Assuming Institutions
Operate a credit business by earning income from bearing specific risks, manage loans in progress and collect after loan.
Future with Distributed Credit Chain (DCC)
So, imagine that all banks already were replaced with profitable Distributed Credit Chain. It means that loan already doesn’t mean a long difficult process with high risks of being cheated – it is just the situation like “when someone needs money – it is not a problem to get them wherever you want with perfect conditions”. It is the future when money can help to build the life and keep relationships with someone who want to loan money and someone who have money clear.So, Distributed Credit Chain (DCC) creates the conditions to ruin outdated banking system by its replacement with new effective blockchain decision.
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