Cipher Speaks at the PNP China Summer Summit & Explains the DCC Credit Ecosystem
Earlier this week, our CTO, Cipher Tang, spoke at the PNP China Summer Summit in Shanghai, where he gave listeners an inside scoop into DCC’s credit ecosystem. Other participants included representatives from BNP Paribas, HSBC, Bank of Nanjing, China Minsheng Bank, and CIB Fintech, just to name a few.
If you’re interested in blockchain from a technical standpoint, and take the time to read whitepapers, you might enjoy this sneak peek about the inner workings of DCC as we demonstrate exactly how users will benefit from our financial services.
To give you a bit more perspective, look East. China is leading the charge globally in development and innovation of blockchain tech; especially in the banking sector. While other banks are just exploring opportunities in blockchain, China’s Central Bank quickly established a Cryptocurrency Research Center, and submitted 68 patent applications in 2017 alone, outnumbering all other institutions worldwide.
Taking a closer look into one of the largest issues plaguing banks, let’s examine the credit market. Banks face a host of problems dealing with credit data including:
- Legitimacy and legality of data sources
- Identifying what data types should be analyzed
- Legality of inter-bank communication and data exchange (especially under GDPR)
- Low quality data leads to high costs reducing risk
As soon as they enter DCC’s ecosystem, users gain ownership of their data and weaken big banks data monopolies. Democratized data — under your control, accessible on the blockchain. As banks’ grip on our data loosens, interest rates will be forced to plummet.
Here’s exactly how DCC plays within the market. DCC consists of multiple services within the blockchain, cloud storage and cryptography technologies that combat common credit data issues. DCC is now developing:
- A distributed framework for credit data management
- Loan history reporting system
- Personal IDs on the blockchain
- Data verification on the blockchain
- New model for self-evaluating loan cost
As DCC constructs a distributed credit system, individual users will own, manage, transact and use their credit data.
First, a personalized DCCID is created on the blockchain, and accessed using a public & private key. DCCID features include:
- Offline DCCID generation, powered by a decentralized account system
- A digital signature which ensures that data remains pristine
- Cloud-based encrypted data storage
DCCVerify is our data verification and validation program. Credit agencies use it to access data from our Chain, ensuring no interaction between credit agencies and lending institutions. Some features are:
- Personal data hashed and stored on DCC — an encrypted record of credit agency assessments
- Digital signature verification
- One-time data entry, eliminating new loan application paperwork
- Reduces costs by allowing data to be re-used indefinitely
A DCCReport is a universally accepted loan report based on chain data. DCCReport supports simple risk evaluation and makes the vetting process more efficient and less expensive. Personal loan history can be stored on the chain and shared anytime.
DCDMF is an open-source framework for personal credit data management on the cloud. With a DCCID, users can export wallet addresses and connect data across multiple apps. DCDMF uses AES symmetric encryption to encrypt data with DCCID’s private key and a user-generated key, forming a data index via the DCCID wallet address. Users have full access via their DCCID address.
Now that we have a good grasp on our products and services, here is how DCC helps our partners:
Finally, a few other technical services DCC provides to manage credit data.
The DApp: lending institutions use these DApps to acquire and register clients, maintain data, collect information, control risks and manage loans.
- Addresses generated in institutional apps can be exported/imported to/from DCC compatible DApps or even DApps from other developers. On DCC compatible DApps, users can access all loan services provided by the DCC market.
DCCgateway service is designed for institutions unable to connect to DCC’s ecosystem via RPC. Through DCCgateway, institutions can access the DCC system via openapi, which makes the whole process faster.
- DCC offers participants more ways to connect, including SDK. We’ll continue to open doors for participant to enjoy platform loan services.
DCC helps partners develop and evaluate smart contracts. Smart contracts from partners must connect with specific DCC contracts so that data can be shared across the ecosystem. Various smart contracts can serve customers with different needs.
ABS based on DCC: ABS products of DCC assets are truly evolutionary. Users can easily see the history of repayment, overdue collection, and non-performing asset management. Thus, the cost of verification is lowered. ABS products will be available in DCC’s AssetManage service, which will improve liquidity in the market and support assets management with advanced technology.
Thus, ends our tour into the DCC digital ecosystem. Feel free to shoot us a question or message on any of our social platforms:
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