Learn about the architecture of the 7Seconds platform, developed by QIWI Blockchain Technology (QBT).
Main Components of 7Seconds Platform
Merchant API is the main component for integration with e-commerce sites and online retail sites
Data Management Services is the module for collecting, enrichment and processing data from credit bureaus and other sources of data for scoring and analysis purposes.
Scoring module provides qualitative scoring on customer data, external sources and analytical models.
Customer Web UI is the frontend for direct communication with customers.
Partners API is the kernel to integrate solutions from external partners’ with 7Seconds platform.
Loan Management component is responsible for full loan lifecycle management. All scoring information for banks, offers, negotiations, contracts are recorded and presented in this component.
Tokens Management component provides CRET tokens management on the 7Seconds platform, exchange services and integration with the Ethereum Network to synchronize ERC-20 tokens information.
Blockchain application
Loan Management and Tokens Management components are based on blockchain technology.
To become single and reliable source of information about borrowers the 7Seconds platform must be transparent to all parties, so every lender will get the same data and at the same time. Data must be consistent and immutable. The 7Seconds platform uses blockchain technology for such tasks.
Only lenders that are current members of the 7Seconds platform must have access to this data, so a private permissioned network is required. Besides scoring information there are legal contracts and information that must be shared between 2 or 3 parties only. Smart-contracts are a good fit when actions are based on some formal conditions.
Functioning of the Blockchain
On the 7Seconds platform there is a main ledger / blockchain where all information about new loan requests is recorded. All banks on the platform observe data in this ledger and receive information (A) about incoming requests with scoring provided by the 7Seconds scoring module. If a bank decided to make an offer (B) it started a new contract flow on the R3 Platform. This flow is specific for the request and the bank, so for every request as many as number of banks new flows could be started if all banks decided to make an offer. When new offer is received the 7Seconds kernel places a “New Offer” message © on the main ledger, so all participants be aware that there is an offer from another bank. This is a status message, so there are no offer details.
The states of a request/contract and messages flow are presented on the following diagram.
R3 Corda Platform
R3 Corda is selected as a blockchain platform. Corda nodes will be located at the data centers of 7Seconds and their bank-partners. If a bank is not willing to invest into deployment and maintenance of its own node it can use API to integrate with 7Seconds nodes.
Lenders use a single source of loan requests and scoring data on the 7Seconds platform. All data is linked together in the blockchain — main ledger. All negotiations about contracts and offers are processed in the new personalized flows.
CRET Token
The CRET tokens are intended to facilitate all types of operations in the 7Seconds ecosystem. To provide immediate processing there is an internal list of all accounts of customers and clients in the 7Seconds Tokens Management component. Current balance, accounts management and every operation with these accounts is recorded in the R3 Corda, so any participating party can get a receipt of all actions. Accounts on the 7Seconds Tokens Management component can be linked with accounts on the Ethereum Network. ERC-20 CRET tokens holder could transfer tokens to the internal account on the 7Seconds platform and, vice versa, transfer from the 7Seconds platform wallet to the specified account in the Ethereum Network.
