POINTS is a startup which is looking for a way of establishing a credit scoring modus operandi on top of Ontology blockchain which was launched recently and has successfully received eight million dollars as capital. Established in 2017, the company has drawn enough resources from a mixture of conventional investors.
A key entity which took part in the seed funding is the Ontology Foundation as well as a pioneer firm that is involved in credit rating in China. The funds raised will be utilized in the enlargement of the firm’s engineering team. This is all geared towards speeding up the advancement of know-your-customer (KYC) system based on blockchain technology as well as apps involved in credit scoring.
The invention is aimed at establishing its protocol on a distributed bionetwork as well as empowering apps which can be used to do away with repetitive procedures regarding individuality. Sarah Zhang, the CEO and founder of POINTS asserts that there is need for consumers to upload their profiles, irrespective of whether it will be used for financial transactions or registration at virtual exchanges.
Sarah continues to emphasize that it is vital for institutions to repetitively carry out the KYC procedure physically, though this consumes a lot of time and is likely to result in enormous storage of data.
However, in replacement for requesting fiscal institutions to validate those who bring up-to-date records and share a disseminated ledger that comprises of consumer ID data, POINTS protocol has integrated a stratum of an extra centralized database. This eventually plays into the vital function of validation.
In order to accomplish the company’s mission, POINTS has decided to collaborate with Teleinfo, an IT company that is entirely owned by a subordinate of the China Academy and Communications Technology. The institution is managed by the China’s Ministry of Industrial and Information Technology.
This collaboration goes a long way in giving POINTS the kind of access it requires even as it seeks at least one billion profiles of customers in China. Sarah explains that users will be required to willingly upload their data via the new technology application, and the databank will automatically authenticate that information. The database will go ahead to timestamp and stockpile the authenticated outcomes into the technology.
Eventually, participating nodes like banking institutions will only have access to authenticated outcomes for KYC, in the place of the precise consumer details. Similarly, POINTS is also supporting the establishment of an innovative technology application on top of its modus operandi. This will be used for credit scoring with the objective of helping the unbanked.
POINTS’ collaboration with Zhong Cheng Xin will be instrumental in helping it to gain access to half a billion available credit profiles offered by the institution in charge of credit rating. With the advent of banks operating as nodes on the blockchain, the databank is able to extract credit data of a consumer from diverse entities and from a consumer’s submissions. This will eventually work out a credit score, which is consequently kept on the blockchain.