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Introduction
Increasing digitalization, swifter transmission speed, unending accumulation of shared computing means, the use of mathematics and crypto knowledge in the digital world are those things that gave rise to speculations that in future times, there might be an underpinning public blockchain details that straddles disaggregation, transparency, independence, irreversibility and privacy shield.
The underpinning public chain will be used for disaggregated credit documenting, debt registration, wealth management and dealings in assets. It will assist businesspeople across the globe to offer financial services in a much easier manner, and this is a novel way of banking.
Via disaggregated thoughts, decentralized banking can alter the cooperation model in conventional financial services and communication model through every regions and develop a new per to peer and every sector, course and wallets. This is a problem that the Distributed Credit Chain seeks to solve.
Distributed Credit Chain (DCC) is planning to set up business ideals, agree on a view about the books, use business contracts, execute liquidation and settlement services and in no distant time, for a number of disaggregated financial business.
How does the Distributed Credit Chain Intend to Solve the Credit Issues?
- User Account Identification System
Under DCC, every person or company possess a DCC identity produced via public-private key pair to constitute the individual's address. This address works exactly like a user ID in conventional internet network, recognizing and pairing several real-life qualities like name verification, bankcard screening, how much real estate the user has and other vitals such as credit chain to application for a loan, repayment of such loan amongst others.
DCC identity is a disaggregated account mechanism and its synthesis does not rely on any single DCC node. Any individual or company can synthesize this ID even when not online. Except for cases where there are details that needs to be linked to DCC and this is when information can be saved on the DCC data bank.
In order to secure non-repudiation of individual or chain-institution or chain-orientation of data.
- Distributed Credit Management System
This credit maintenance system works to completely change the exchange procedure of personal credit. Users own data through Distributed Identity Verification and can decide the how to save, present and make use of personal data. Data service industries realize profits by offering individuals with good data services as opposed to storage and misuse of data.
This DIV mechanism shields data from alterations and alterations through the use of digital signature and data digest through the circulation means. The DIV procedure is at a vantage point because the data management companies offer users with data verification services and such data wouldn’t be sustained by third parties. This sort of mechanism offers data sharing facilitation to the companies that were initially meant to offer data just to their clients.
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The Benefits of Distributed Credit Chain Ecosystem
The special and highly-secure identity management system is one of the benefits of a distributed credit chain ecosystems. Yet another advantage is that the credit documentation mechanism has no centralized pool or monopoly of data.
Additionally, it has an efficient and reduced cost of credit business mechanism with inter-entity and long-lasting data storage where creditor’s record can be seen from time to time.
Conclusion
Distributed Credit Chain is a virtual credit organizations that uses blockchain technology to address both the temporary and long-term deficiencies that arise in the credit funding requirements of the individuals.
It guarantees the security of users fund and eliminates data monopoly while controlling the risk and giving a feedback about the whole process.
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For more information here are some useful sites
Telegram
https://t.me/DccOfficial
Whitepaper
http://dcc.finance/file/DCCwhitepaper.pdf
Written by: Ebykamsiokoro
BTT profile link
https://bitcointalk.org/index.php?action=profile;u=2047938;sa=summary
Feel free to check out the included links for more information