The Application of Blockchain in Banking Section
Today the blockchain technology has stepped far beyond just powering the bitcoin or ethereum transaction. Blockchain is a powerful and secure technology that getting into every industry from banking and medical to government sector. The most popular domain of blockchain use is the banking sector because security is of utmost importance for the banking sector.
Blockchain in banking section can help individual or group business to get loans faster based on their credit history. The traditional business credit reports provided by third-party are not available for individual and startup and it’s not that trustable for us paying a company to access our sensitive data (financial reports). Now blockchain can provide tools that will allow borrowers to make their credit reports more accurate, transparent, and securely shareable. A company called Credit Dream using blockchain technology to access credit. Credit Dream is to create blockchain-based decentralized applications that provide universal access to credit. To do that, the company is creating proprietary technology that connects investors and borrowers. The benefits of Credit Dream are easy to spot by avoiding conventional lending solutions, investors and borrowers can enjoy lower rates and higher returns. Right now, Credit Dream consists of two core parts:
- Meu Credito App: The mobile app to find loans. This app is catered towards the Brazilian market.
- Swapy: The exchange where investors buy and sell securities related to the performance of the loans.
By: Michael Bala Koban & Gunawan Wang