People have different attitudes to credit. There are opponents who argue that they will never take the debt and will earn by their own labor. Most people understand obvious advantages of lending. In the history of mankind – it is lending that in many ways pushed technological progress forward. However, the existing system has a number of drawbacks. Without claiming to be an expert in this matter, I will describe these features on as an ordinary citizen.
First, the injustice in the decision of banks to issue or refuse to issue a loan. The bank may refuse to grant a loan without giving a reason, and this puts the participants of the lending process in deliberately unequal conditions.
Secondly, only the credit institution itself determines the size of the loan rate. As a rule, the interest rates on loans in different banks are equal within the same state. Otherwise, as a monopoly, it is impossible to call.
Third, credit institutions manage the personal data of citizens on their own, which often leads to leaks.
This system was built for decades and it would seem that it would be almost impossible to change anything in it in favor of citizens. However, blockchain technology and specialists from the Distributed Credit Chain (DCC) company came to the rescue here.
All of the above problems can be easily solved with the help of a mechanism, which is well-designed and implemented by the DCC team. The mechanism can be studied in detail in the official document of the project, here we will focus on the key advantages that an ordinary citizen will receive.
- The borrower's personal data will be securely stored in the blockchain and cannot be used by third parties.
- The recommendation for the loan will not be issued by a person, as it is done at the moment, but on the basis of all the data it will be done by artificial intelligence, which eliminates the possibility of corruption and makes the process cheaper.
- And most importantly, the loan rate will be determined on the basis of competition. And in this case, state borders will not matter. For example, loan rates in some countries currently exceed 10-15% per annum, while in other countries this figure is at the level of 2-3%. With the DCC platform, lenders and borrowers from different countries will be able to participate in the lending process on equal terms.
It is difficult even to imagine what prospects for the growth of the entire world economy promise us, if all conceived by the developers of the DCC idea will be implemented.
Meanwhile, the project is developing more than dynamically.
Most recently, the company completed a public sale of the project tokens, successfully collecting HardCap. Already now tokens are traded on several platforms, for example Kucoin.com, while showing excellent trading volumes.
In parallel, partnerships with successful companies such as ConsensusLab are done.
In the near future the company plans to enter the largest markets of Asian countries.
At the moment, the DCC team finds more and more supporters around the world, developing its own ecosystem in parallel. According to the DCC experts, it may take 5-10 years to change the global credit system. However, time will show what benefits it will bring to the entire world economy.
Website: https://dcc.finance
Telegram: https://t.me/DccOfficial