The human need cannot be satisfied. There are things that pleases us which we cannot acquire. As a result, we are pressed to go to the bank and other financial institutions for loans. Going to banks for loan comes with some problems. Some of them are highlighted below:
√ Extreme interest rate.
√ Having to sign documents that doesn’t mean your application will be granted
√ Some hidden terms in the loan such that borrower pays more than agreed.
√ The time to consider and give approval to the loan
√ Some extra items that exaggerate the amount borrowed.
In solution to the above, the Distributed Credit Chain (DCC) project was birthed.
With a goal of reducing lending rates and to completely get rid of financial institution monopoly, the distributed credit chain was launched. It is a completely decentralized platform with the backing of blockchain technology to make the project secure. As a result, the system enjoys unusual speed while the confidentiality of users is guaranteed. The use of smart contract in the project also makes the whole process automated hence, removing the need to step in the bank to apply for the loan.
There will be safety of all personal data which will also be hack proof. This is due to the use of blockchain to process the entire data. DCC token will be the mode of payment on the platform, asides, it will be the means with which all operations on the platform is carried out
With the use of the blockchain technology, the distributed credit chain will be able to erase the credit monopoly of the financial institutions.
The Distributed credit chain will unite the following features of the DCC into a single ecosystem:
√ Borrowers will have their personal data fully secured. Also, all the entire procedure to check solvency will be accessed once and for all.
√ Creditors will have the opportunity to solely give their conditions for the provision of funds.
With the use of smart contract, the entire process of loan agreement will be automated. This was made possible by the fintech developers
Liquidity providers, insurers and many others directly or indirectly linked to the investment process.
All in all, the distributed credit chain is a fully decentralized market where the forces of demand and supply are used to determined the rates.
Application of Distributed Credit Chain Platform
- Loan registration, application and consumption
- Blockchain credit cards
- Distribution of assets
- Mortgage claim system etc.
Benefits of the DCC ecosystem
• A hack proof identity platform
• Low cost and very efficient
• No data monopoly
• Perfect assets liquidity
• A reliable data storage platform
The DCC Tokens
DCC tokens will be the means to link users and the entire participant of the distributed credit chain platform. With the token sale, developers will be able to finance the following:
Developing credit conditions, scoring process, supporting smart-contracts and DApps, development of blockchain etc.
Conclusion: The Distributed Credit Chain
Banks as well as the government has been the backbone of most people’s financial wellbeing. Owning a bank account is seen as an important part of the financial life of an individual. In the years to come, cryptocurrency will be the cash used in everyday transaction.
Hence, with the DCC, getting access to credit will be easy without much bottlenecks as created by the financial institutions.