What Is LinkEye?
LinkEye is a hyper ledger fabric-based consortium solution that is established on the blockchain. The aim of this project is to facilitate a credit alliance across the world. By utilizing the credit economy model and blockchain tech, this project will consolidate data from credit alliances. It will then connect it to respective profiles, creating a comprehensive and reliable database for credit information.
The project is open source and decentralized. It will offer a platform where relevant institutions can exchange useful credit data. This project will aim to improve the current system and create a whole new global credit system, which is fair to all.
In 2016, the market for individual credit loans had hit 23 trillion RMB. This was a 21.1% increase from 2015. The total business is expected to maintain an annual growth of over 20% annually and it will reach 41 trillion CNY by 2019. This would be three times the market size in 2010. Despite this, the market penetration for individual credit is only about 9%. This signifies a huge untapped potential for growth.
In South East Asia, there is a population of 600 million people. Of these, only 27 percent of locals have bank accounts. Market data has revealed that credit card use is quite low. In some places, it is as low as 3%. This is in sharp contrast to the US where penetration is up to 80 percent. Besides that, only a small portion of the population is covered by credit scoring.
Despite Europe playing a crucial role in the credit loan market, it has stagnated in recent years. This stagnation began around the time of the global financial crisis of 2008. In 2015, Europe recorded an annual credit balance increase of 2.9%, the first since 2008. Germany, UK, and France dominate the European credit market.
The LinkEye Blockchain Credit Alliance Finance Services Solution
Based on the issues of the credit systems of China, SE Asia, and Europe, this project definitely has a clear entry point in the sector. With the help of the blockchain, the LinkEye project will create a list of untrusted profiles. This will solve the issue of high costs, lack of accessibility, talent shortage, and data discrepancy.