Almost all across the globe, people depend on the financial institutions to live a healthy life and create a future for themselves and their families. In order to reach a certain level of wellbeing, over the last decades, our existences have radically transformed - while some may argue by saying we work more than our forefathers, to reach the same level of material comfort (to have a home, a steady income and even be able to save money), the truth is that we need more money, faster. That is why financial solutions are so popular, worldwide - let’s think for a second about the loans that are given by banks to individuals or business; credit cards; mortgages and so on.
What seems to be going wrong?
Unfortunately, things are not looking as if they are heading in the right direction. The entire financial industry is facing several problems that manage to affect millions of people and businesses directly:
- The traditional financial sector is hugely centralised, and hence, all operations and scenarios develop at a slow pace
- Most of the time, only large financial institutions are encouraged to take part in this market. Also, these organisations are the only ones that can endorse certain transactions
- The number of fees that consumers have to pay (while being in the process of contracting/using a particular financial service) is continuously increasing, in number and volume
- Lending rates seem to be getting higher and higher, over time, regardless of the currency used; this makes borrowers pay more (or extend their credits)
- On the opposite side of this equation, lenders have to lose; having a savings account of any kind or investing your money in a bank doesn’t make much sense anymore, as the interest income becomes lower and lower by every year
- Credit institutions spend a lot of time/resources when doing the verifications needed to process a credit request
The Blockchain technology - a possible solution to the global industry’s obstacles
To those of us, that understand the foundation of the blockchain and have a minimum knowledge regarding its applicability, it's of no surprise! Blockchain-based projects could break the monopoly currently met in the financial institutions market, could quickly create a decentralised digital banking model and could improve the current business structure. At the same time, it could comply with all international and local regulations, through a set of specific features and measures.
This is, in fact, the initiative of DCC (Distributed Credit Chain) - a blockchain based project meant to develop a revolutionary distributed banking public blockchain meant to transform the financial market of the world. In achieving this goal, DCC aims to empower credit and return ownership of data to individuals; thus, it improves efficiency and reduces costs. Let’s have a brief look at some of its solutions:
- Helping borrowers use blockchain accounts that provide data verification and access to credit services
- Collect, manage and offer data (as a data service provider for all institutions)
- Provide algorithm and computation services
- Store an approved credit history
- Supporting providers in funding and data management
To learn more about this decentralised model, to understand the technicalities of this projects and find out all about the DCC token sale, go to http://dcc.finance/ and join the Telegram.