Distributed Credit Chain is the world’s first distributed banking public chain with a goal to establish a decentralized ecosystem for financial service providers around the world. By beginning in the credit industry, DCC’s mission is to realize true inclusive finance through a distributed banking ecosystem.
Based on blockchain technology, Distributed Credit Chain enables the decentralized, individual ownership of personal data, rather than centralized credit services managing all the data.
The decentralized, non-repudiable and tamper-proof nature of blockchain secures the transaction data for individuals and institutions.
Individuals have ownership of the data, and the storage, presentation, and use of personal data are determined by the individual. Data service institutions can no longer profit from caching or abusing data.
The distributed ledger system and decentralized structure, which do not rely on single-node authendication, equip distributed nodes with authentication function and improve the efficiency with collaborated authentication.
Everyone will be able to choose their debtors, and in a decentralized market with numerous competitors, pricing power will rest with the market rather than market makers.
All parties participate in the process based on consensus, which solves multiple problems in centralized credit process, including forgery, high trust costs and abuse of privacy.
Original personal information and non-desensitized data are not stored long-term at third-party institutions. This prevents data from being misused or leaked by third parties.
Personal data can be automatically validated. Users are free from repeatedly having to obtain authorization each time they use or access the data.
Blockchain technology allows individuals to own and use their data, and eliminates the value premium caused by the centralized storage and verification of data from third parties.
As the transaction data approved by both parties is public, the credit history reports generated on blockchains prevent problems such as long-term borrowing and repeated test borrowing.