'Connection', World's Building Block :
We are living in “connections”. Transportation system and internet make a man’s world richer. And yet, we are still trying to create a much better world with more “connections”.
However, on the other hand, it means someone who is alienated from the network of ‘connections’ should bear disadvantages. It doesn’t simply symbolize being outdated or disconnected from exchange anymore. Nowadays, even when personal identification technologies develop to the point of vein recognition from the back of your hand, alienation from 'connections' can mean disruptions in everyday life.
Let’s narrow down to examples in the financial sector. Worldwide financial system, including Korea's, is centered around banks. Borrowers must apply for a loan according to the requirements of the bank. If they do not meet their standards, the application will be rejected. Then they face much rougher road. Young college graduates new to society, newly married couples and small business owners who has become 'financial aliens' must suffer from higher interest rates in securing necessary resources.
To lessen their burdens, direct connection between borrowers and lenders is necessary. But it is not easy for personal investors to choose whom to lend their money, as well as to reach out to them directly.
P2P lending overcomes inefficiencies in bank-centric systems by directly connecting borrowers and investors online.
Borrowers can get a loan at a lower interest rate than they have borne with an existing financial institutions, and investors can earn more than 3 times the interest rates banks can offer. But a weakness of P2P finance is the lack of information. In other words, it is necessary to gather new information with new evaluation criteria being set outside of the traditional credit rating scale. There are businesses ready to take part here.
For example, companies providing applications for grading restaurants based on customer reviews and opinions can offer sales data and customer distribution information about a restaurant. The information collected on the database becomes the material to base the credit rating. These information providers play a role in assisting the lenders who own and run businesses, creating a new revenue stream by offering databases to P2P financial companies.
ZPER enables this ‘connection’ of borrowers, investors, P2P businesses and information providers.
ZPER, Decentralized Data Platform for P2P Finance ZPER starts creating a financial ecosystem in which connections between peers are safe and free from barriers. In this new financial ecosystem, people who were ‘financial aliens’ become ‘participants’. And in the efficient system, all the participants will revolutionize the circulation of funds, sharing information. This system is based on blockchain technology, which guarantees credibility. With connections that cross national boundaries, we can look forward to expanded benefits.
From now on, we will look at ZPER in full scale. Watch us create the new financial ecosystem that contributes to improving the quality of life for people around the world.
