Blockchain technology has been observed as one of the emerging technologies that will disrupt the world at large.
Pundits have predicted that banking and finance sector is one of the prime sectors set to witness this massive disruption, due to the fact that, blockchain is a distributed and encrypted digital ledger that provides a decentralized, swift and transparent means for transactions while maintaining top-level security.
The traditional banking system is centralized and too cumbersome. For example, it could take an average of about 1-3 days to do an online international transfer. In addition, the challenges poised towards having access to credit seems more like an unnerving task. The process for securing such financing is standardized and cumbersome, with lenders (large and small banks, credit unions) looking at credit history, business plan, and assets when assessing qualifications. Despite going through these processes, the probability of being given access to credit is still very low, most especially for large banks. However, smaller banks who are more likely to give more detailed attention to the application and work with the customer to find a way to have access to credit, usually have higher interest rates.
The major downside to the traditional banking system is that the approval process can be drawn-out and complex, especially if your credit is not great. Many small business owners face repeated rejection before finding a lender willing to give them financing, while many others give up or are so intimidated by the process, and as such don't even bother to try the traditional route.
Having identified the current challenges with the traditional banking system, Distributed Credit Chain aims to leverage on blockchain technology to revitalize the traditional banking industry.
Distributed Credit Chain's (DCC) objective is to become the very first publicly distributed banking blockchain. It aims to achieve this by creating an all-inclusive, transparent and secure financial ecosystem for the populace, and also provide a decentralized sphere for financial services providers around the globe.
WHAT MAKES DCC UNIQUE?
The DCC platform enables lenders and borrowers to easily and freely connect without the need for a middleman(all thanks to smart contracts). Borrowers will be able to get loans at a lessened interest rate due to the competitiveness amongst the financial providers on the platform.
Easy Access to Data- One major problem of the traditional banking system is that most customers do not know their credit history or score. Some do not even have an idea of what it looks like, and as such, they feel they can never ever secure a loan. However, DCC is changing this model to empower individuals. On the DCC platform, the personal data of users will be securely stored and a unique DCCID will be assigned to everyone. The DCCID enables a user to easily access his personal data such as credit history and scorings, without having to contact any financial services.
Security- The DCC platform provides maximum security of data. This can be attributed to the immutable and highly secure nature of blockchain which makes it easy for transaction records to be tamper proof and ratified.
Favourable Interest Rates - This is one very interesting feature of the DCC platform. It provides users with the opportunity to select from a wide range of financial services institutions that offers the most favourable conditions. This creates an open and unbiased financial marketplace thereby eliminating the monopoly which currently exists in the traditional banking system.
Cross-entity Credit Credentials- Part of DCC's objective is to provide financial coverage to the populace around the world. Due to this, it aims to become the cornerstone of universal lending by connecting with several legal loan tenders from different economies.
Passive income- Participants are able to monetize their data on the DCC platform by selling it to financial institutions that are interested. This is because most financial institutions require data to do predictive analysis and business intelligence to gain more market insights.
TOKEN
The Distributed Credit Chain tokens(DCC) will be issued in the form of an ERC20 token. It will function as a multi-utility token that will be used to fuel the DCC platform
The Distributed Credit Chain public sale ICO was sold out in 20 minutes.
INVESTORS
The DCC project attracted several top blockchain investors.
CONCLUSION
Having been in the banking sector for a couple of years, I deeply understand the current challenges and I'm 101% sure that the model DCC is proposing will disrupt the traditional banking sector.
Also, a quick check on the DCC team shows that it comprises of brilliant and well-experienced professionals.
OFFICIAL DCC EXPLAINER VIDEO
Kindly visit http://dcc.finance/ for more information.
Whitepaper: http://dcc.finance/file/DCCwhitepaper.pdf
Twitter: https://twitter.com/DccOfficial2018/
Telegram:https://t.me/DccOfficial
Writer: Sucre123456
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1820055;sa=summary
Many ordinary people have difficulty finding a good bank, which is already an issue. Even more so in the case of financial services. This is something I've personally experienced. Personally, I think it's preferable to learn about crypto com phone number where I learnt a lot about them and read a lot of reviews. I don't believe it will be unnecessary.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit