Distributed Credit Chain (dcc): Bringing The Needed Credit System to The World

Introduction to Blockchain Technology

Blockchain technology presented decentralization, an element which guarantees information assurance and in addition giving clients the authority over their own data. Smart contracts ensure that transactions are carried out efficiently without any point of failure. These exceptional features of blockchain technology have led to its adoption by both new and existing platforms, thereby enhancing the platforms on which it is implemented. Blockchain technology has found uses in healthcare systems, gaming platforms, engineering, financial systems, and more.

The Role of Blockchain in Financial Systems

In reference to financial systems, research has shown that a proper understanding of blockchain technology can be utilized in distributed credit reporting, debt registration, wealth management, and resource exchanges (Nakamoto, 2008; Tapscott & Tapscott, 2016). With this understanding, investors around the world will be encouraged to engage in financial services due to the peaceful nature of blockchain technology. In the long run, this will lead to the emergence of distributed banking.

Distributed Banking and Distributed Credit Chain (DCC)

Distributed banking is a blockchain-based virtual office comprising an integrated ecosystem of distributed financial services. The creation of various distributed financial services, as well as the disruption of traditional financial systems, led a team of experts to create a platform unique in all aspects known as Distributed Credit Chain (DCC) (Buterin, 2013). DCC is the world's first blockchain-based distributed banking system with the sole purpose of creating a fair, transparent, and reliable ecosystem for financial service providers worldwide.

The Problems with Traditional Financial Systems

DCC was created out of the urgent need to address problems associated with traditional financial systems. Traditional financial systems are highly centralized, along with a host of other challenges. Cost is one of these problems. The current core model of credit facilities is flawed. Credit organizations share costs arising from non-interest earning components and bad debt by charging individuals (good clients) who they believe can pay back. For borrowers, this results in additional costs.

The Solution Offered by DCC

DCC aims to revolutionize the traditional credit system by addressing the problems associated with it. For borrowers, DCC provides a platform where it is easy to create a blockchain account to validate data service providers and initiate borrowing requests. Data Service Providers, armed with blockchain technology, can store client data securely with a standardized data protocol.

Additional Solutions

• Algorithm and Computation Service Providers: This involves extracting values from data, making judgments based on policies, and measuring the obtained judgment based on characteristics.
• Risk Assuming Institutions: DCC supports individuals operating a credit business by rewarding them for bearing specific risks and managing loans in progress.
• Credit History Feedback: With blockchain technology, DCC can avoid issues leading to long-term borrowing and repeated test borrowing.
• Financing Providers: It is noteworthy that DCC is not directly involved in lending but finds it worthwhile to assist providers with funding.

Attributes of DCC

1. DCC aims to break the monopoly associated with traditional financial systems, thereby returning the profit obtained from financial services to all providers and customers who participated in such services. Each participant is granted the opportunity to partake in the return of ecological growth, while inclusive finance is achieved with digital banking.
2. Decentralized Thinking: Through this, DCC will utilize digital banking, thereby changing the cooperation model involved in traditional financial services. The resulting outcome is a new shared system and all-communications model of cooperation that can be used globally, in various sectors and subjects.
3. Changing Business Structures: This is achieved through digital banking, which will ultimately transform traditional banking's liabilities and assets.
4. Government Regulation: With the help of blockchain technology, which ensures data security, regulatory bodies will have the opportunity to access saved assets. On the other hand, regulatory bodies can understand industry risks more quickly due to support provided by large data analytics institutions.

Conclusion

DCC aims to create a financial system that will revolutionize traditional financial systems. DCC can be utilized for advance registration services, usage advances, usage allocation, blockchain credit cards, token advance management, and more.

Token Information

DCC token is an ERC20 token based on the Ethereum blockchain. It is a utility token with a total supply of 10,000,000,000. DCC is currently listed on exchanges.

References

Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.

Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin.

Buterin, V. (2013). A Next-Generation Smart Contract and Decentralized Application Platform.