DCC Finance: Distributed Credit Financial Services Blockchain?
Increased digitalization globally, faster internet speeds, and the continued spread of blockchain technology are all factors that inspired those behind this project. They have a vision to utilize blockchain technology for use in credit reporting, debt registration, wealth management, and even asset transactions.
This blockchain will enable participants from all over the world to provide financial services in a seamless manner. Through their efforts, the team behind the project hopes it will lead to the emergence of the Distributed Banking virtual agency. This is quite different from the traditional banking fact; it is best thought of as an ecosystem of various financial services.
The Vision of DCC Finance
The aim of DCC Finance will be to break the monopoly enjoyed by traditional banks. Besides that, this new type of banking system will reward everyone who participates in the growth of the ecosystem. That way, they will be incentivized to help grow this ecosystem. The end goal is the creation of an inclusive financial system.
Via the use of decentralization, the Digital Banking model will change the corporation model used by current financial institutions. In its place, there will be a peer-to-peer model of business that allows anyone from any region of the world to participate. In terms of business, it will change the way we view debt, asset, and intermediary business structures.
Liability in business is going to be replaced by distributed wealth management. The tree-like management structure utilized by traditional banking will also be evolved. In its place will be a flat structure of doing business. The result will be improved business efficiency.
In terms of regulation, the blockchain will handle that. All records will be stored on a blockchain, which means they cannot be changed. This will enable any regulator to look at underlying assets in real time and determine what is going on. Besides that, by utilizing big data analysis organizations, regulators will be able to see industry risks in good time and respond.
The Current Credit System
The credit industry can be traced back since the dawn of man. A 3000-year-old loan contract was found in Mesopotamia, which shows credit is as old as humanity. Without the aid of credit, the progress of human civilization would not have been possible. It is what made it possible for Spain to explore the New World and the colonization of the US.
During the 18th century, most loans were contract loans that relied on collateral. It was not until the 19th century that a new era of loans came to be. This is what led to the development of centralized loan institutions.
With the development of the internet, most of the credit system is controlled by big data analysis. However, the current credit system has major flaws. The main cause of this issue is that it is managed by fragmented parties each with their own centralized systems.
The Blockchain Will Solve That
With the help of the blockchain, the credit industry will be transformed. DCC Finance will introduce efficiency and ensure that no one agency has a monopoly over important credit data. The token is set to launch in 2018 from February 1 to March 1.