Technology is changing everything around us, without a doubt - entire industries are transforming, economies are merging, and even our everyday lives evolve continually. We are truly living in a digital era that affects and also has the potential to revolutionise the financial industry; in fact, over the past few years, we have seen how online operations changed the way we transfer money, receive loans or shop. Could blockchain be the next big thing? Could this technology prove to be the factor that decentralises, opens markets, throughout the world? Find out possible answers to these questions in today’s article:
If we were to talk about the features that make the blockchain unique, a single report would not even be sufficient for the introduction part. However, it’s important to recall how this technology aims to bring an increased autonomy for all its participants, to better protect privacy, to ensure transparency and decentralisation of entire systems. This set of characteristics can be of great use, especially in the financial industry - we all know that currently, this domain is becoming less and less attractive, due to high fees, increased credit rates, lower interest rates, complicated application processes, the monopoly of large financial institutions.
In this context, the Distributed Banking is a concept that could solve a series of issues. What does it represent? You can best imagine it as an integrated ecosystem of distributed financial services and products. It aims to take away the current monopoly of this industry and create a market where all participants are involved and incentivised, according to their effort. This decentralised system can recreate ecosystems by removing intermediaries and creating a flat structure - distributed wealth management, distributed credit report, distributed asset transactions.
DCC - making one step closer to the introduction of Distributed Banking
Introducing Distributed Credit Chain (DCC) - probably the world’s first blockchain ecosystem that aims to set new business standards in the financial industry, to implement settlement and liquidity services and create an environment that is based on true inclusive finance.
Of course, things cannot (and will not) change overnight! DCC founders are aware that implementation and adoption (by new financial institutions and traditional financial businesses) of a such distributed system will need around ten years (depending on multiple factors).
One of the main components to be promoted and developed by DCC will be related to credits. This complex industry in itself can be significantly improved through distributed technology and decentralised thinking. How? Let’s take a quick glance at some of the solutions it aims to bring into this industry:
- Collect, manage and share credit history reports for companies and individuals.
- Store and distribute data for financial institutions; create new data standards.
- Create a mechanism for borrowers to develop blockchain accounts that offer data verification and access to credit services.
- Shorter times for verification of credit applicants.
- Reducing costs through an excellent implementation of algorithm and computations services.
Got questions?
Head over to http://dcc.finance and Telegram to find out more about this project, discover its complete set of features and download the latest whitepaper!
Thank you for reading!
The feedback is highly appreciated!
Nick J