CAC Credit Asia Chain was officially launched on 16th February 2018 during a first digital currency blockchain forum in Almaty Kazakhstan. Among those present during the launch were blockchain experts, government officials, and consumer finance veterans.
What Is CAC Credit Asia Chain?
CAC Credit Asia Chain is a social credit platform that uses blockchain technology. It is used to build credit systems in developing countries solving the existing problems of information asymmetry, high governance costs, and industry barriers. It is set to develop financial businesses such as small-loan credit, credit consumption and query, scene installment, and expected to come up with a risk control system using the Artificial Intelligence (AI) technology.
The platform further expected to come up with a consumer finance ecology that has a solid, safe, fair, efficient, and credible foundation and management that can help developing countries build a social credit system that promotes economic growth by encouraging public finance spending.
The platform goal is to solve long-lasting financial sector problems in information asymmetry. The application has gained support from multiple Asian countries Kazakhstan included.
Why CAC Credit Asia Chain?
Blockchain technology has increasingly received public exposure, and the logical step is to integrate this technology into economic activities. This will need the involvement of industries, governments, and technical experts.
CAC Credit Asia Chain is a step in this direction as the platform does not seek to replace fiat currency with cryptocurrency, but it is using blockchain technology to change the financial industry and enhance the social economy in developing nations by coming up with an efficient, fair, affordable, and just social credit system.
Developing countries such as Kazakhstan encounter many challenges. The financial industry in such countries is especially hampered by the traditional social credit information systems that are characterized by information asymmetry. For such countries to develop, there is an urgent need for an innovative financial sector.
How CAC Credit Asia Chain Works
The CAC platform uses a decentralized structure design and blockchain is used as the financial data-sharing hub. Additionally, the platform uses a sharing-incentive mechanism to encourage users to exchange data. There are records of default, which leads to a very low ratio of bad debts. CAC also uses advanced technologies to analyze data and artificial intelligence to improve the utilization of data. The design of CAC allows it to be part of the financial system, which saves the time of transferring data and ensures the security and confidentiality of data.
The users of the data are given rewards for giving data to CAC. Credit agencies, merchants, and banks also get to have a one-stop credit service that stretches beyond local borders. Enterprises are also able to get genuine, fair, and reliable credit data from CAC at affordable costs.
The fact that the platform provides the stakeholders with benefits has led more organizations and individuals to embrace CAC. The platform has also gained support from influential entrepreneurs, governments in the Asian continent, and global investment institutions.
Plans Of CAC Credit Asia Chain
The operations of CAC will start in the first half of 2018. In the second half of 2018, the platform will collaborate with multinational financial organizations. In the future, CAC hopes to build a unified mega financial data platform across countries and aspires to be the key hub of financial data and the social credit system for developing countries.