Delivering Ownership of Credit Information to Individuals
Modern society is based on credit.
The most important element in a market economy is credit information.
Credit information is a fundamental right that every human being should justly exercise.
Our goal is to build a freer and fairer society by returning the ownership of credit information to individuals.
That is why we created My Credit Chain.
Credit data, a source used as to evaluate one’s credit, is derived from an individual. And yet, almost every individual does not own one’s credit data. These data are stored in dozens or even hundreds of financial institutions, including credit rating agencies. The institutions are exploiting credit data to evaluate individuals in terms of their own criteria.
There are still more people around the world who do not have their own credit data and credit rating. Such antiquated ways of credit rating have resulted in a vicious circle in which those who do not have credit information do not receive suitable financial benefits.
Despite the fact that credit is being digitalized and qualitied, 59% of world’s population does not have credit information. There are 26 million people without credit information even in the United States. One tenth of Koreans who cannot get loans do not have credit information. In addition, there are 642 million financially neglected people in South Asia.
Can credit rating agencies properly evaluate me?
Even if one has a lot more information which has not been presented, his or her credit is entirely evaluated by the agencies’ standards. Also, most of data collected for evaluation are based on the past. These factors do not fully reflect positive and potential information that individuals have. In addition, changed circumstance and future value of individuals would be limitedly assessed by relying on past data rather than current ones.
We want to return the ownership of credit information to individuals in order to resolve the credit problems that traditional institutions set limited source. We will create an environment where one can create, manage and control his or her own credit. Also, credit information of individuals will be measured in its value as an asset. All of these bases will be maintained more precisely and securely by applying blockchain technology.
We want to return the ownership of credit information to individuals in order to resolve the credit problems that traditional institutions set limited source. We will create an environment where one can create, manage and control his or her own credit. Also, credit information of individuals will be measured in its value as an asset. All of these bases will be maintained more precisely and securely by applying blcokchain technology.
Learn More About the Blockchain Credit Revolution
http://mycreditchain.org