After staging a successful token sale and achieving a milestone in record time, Distributed Credit Chain (DCC) joins the ranks of one of the most successful ICOs of all time. The DCC ICO ended having reached ICO cap in a record 26 minutes, with investors all over the world wanting to get a piece of this great startup.
What is Distributed Credit Chain (DCC) and what makes it Special?
In the traditional world of business, credit is a concept that is often regarded as the wheel that keeps everything going. It is no news that almost all corporations (large or small) need a reliable credit facility to survive in business.
With this in mind, it becomes a problem when a look is taken at the way credit systems are run today. Centralization ensures that control, endorsement, and approval are at the mercy and whims of large financial institutions who are naturally prone to deny credit to business that does not meet their stringent criteria.
Furthermore, the fact that these large financial institutions largely control the credit system, they tend to be monopolistic and therefore more often than not cause a rise in borrower’s lending rates and a drop in lenders’ interest rates.
The above challenges are what the Distributed Credit Chain (DCC) comes to solve. DCC has designed a distributed banking public Blockchain; perhaps a first of its kind; with the capabilities to establish a platform where financial service providers can operate in a decentralized ecosystem.
How does Distributed Credit Chain (DCC) Work?
DCC functions by enabling transparent and efficient credit systems to function via Blockchain technology. The operational goal is to provide true data representation and foster data ownership to individual’s entities, thereby achieving true inclusive finance in credit facilitation.
This has been achieved by developing an ecosystem that caters to financial scenarios in the credit system. DCC categorizes stakeholders in terms of processes and defines and specify roles for them in a bid to ensure credit systems are efficient, transparent and decentralized.
The Players
- Borrowers: Some individuals and entities have specific borrowing demands. They will be required to create Blockchain accounts where they post these requests and provide relevant data required to process the said requests.
- Data Service Providers: They collect, integrate, store and process data on the Blockchain as well as provide prevailing data standards
- Algorithm & Computation Service Providers: the assess, evaluate and analyse data to make a judgment based on characteristics and data policies
- Credit History Feedback: This is automated and immutably stored on the Blockchain. It provides accurate credit history of borrowers
- Funding Providers: They provide funding for credit functions.
- Risk Assuming Institutions: They bear risks of credit facilitation and earn income in return for loan management and collection.
Conclusion
Take a close look at the service on our Website, it is clear that DCC is well thought out, and it provides next-generation credit management for individuals and entities, removing the challenges of a centralized system and providing a more efficient and transparent credit world all over.
Telegram