Datawallet Partners with Distributed Credit Chain
NEW YORK, May 23, 2018 — Datawallet, a leading C2B blockchain-based data exchange, today announced its partnerships with Distributed Credit Chain (DCC), the world’s first banking ecosystem built on a public blockchain. Datawallet will be working with DCC with an aim to further data ownership by creating a more just credit scoring system, which provides reliable and accessible credit data for both customers and financial service providers.
Daniel Hawthorne, Datawallet CTO said, “The partnership between DCC and Datawallet is a big step towards a transparent and fair financial system, where the user is at the center. It is because of companies from different industries such as DCC and Datawallet working together that the blockchain revolution will fundamentally reshape the way our world works.”
In the current lending landscape, borrowers are being penalized by the inability of traditional insurers to have access to high quality data. This forces them to rely on rigid categories to produce a static credit score that may be far removed from reality. As a result, you may have trustworthy borrowers who end up in statistically risky categories and are paying a premium for it. Furthermore, individuals who have no traditional credit history, automatically do not have access to any line of credit at all. In fact, about 3 billion people globally are invisible to the current credit market for these very reasons.
The partnership between Datawallet and DCC provides a solution to this problem. With this partnership, users of the of the DCC Network will be empowered to leverage the utility value of their personal data when applying for a loan. This richer profile will activate more intelligent risk-scoring algorithms that provide fair rates based on observable trends and habits in a borrower’s personal data profile, further leveraging historic data from DCC. This will be possible even when traditional credit history is incomplete or not available. This way, a much more accurate and representative credit score can be calculated in the Datawallet. Only the final credit score is shared with DCC lenders, without a user ever having to share any Personal Identifiable Information (PII), yet incorporating the superior features giving their users the opportunity to get the best rates.
Another key benefit will be less work and time to apply for a loan on DCC’s Network as borrower’s won’t have to fill out form after form to receive a loan quote — they can simply share the relevant data points from their Datawallet with the click of a button. An easier Easier experience, no Personal Identifiable Information and better rates. The future of finance is almost here.
Stewie Zhu, Co-Founder & CEO of DCC said “Datawallet’s mission to help users control their personal data and making this data work for them closely aligns DCC’s goal to empower the individual and make finance truly inclusive. We look forward to working with Datawallet to make big data and risk control models more efficient.”
The Datawallet app is available for download now in the Apple app store and Google Play. For more information, visit www.datawallet.com, read the whitepaper here, and join Datawallet’s Telegram channel here.
The DCC platform is already accessible on Android through BitExpress — invite your friends and they’ll get DCC tokens for completing registration. For more information, visit www.dcc.finance, read the whitepaper here, and join DCC’s Telegram channel here.
Datawallet is headquartered in New York. Datawallet empowers developers to leverage a completely new data universe to build the most advanced applications ever. And it provides companies with insights that will boost their operations on a never before seen scale. They believe that data should be owned and controlled by the people who create it — the users. That’s why they built the Datawallet, a blockchain powered data exchange that puts people in charge of their data and empowers developers to bring to live the next generation of world-class applications.
DCC has offices in New York, Beijing, Shanghai, Korea, Japan, Vietnam and Indonesia. By empowering credit with blockchain technology and returning ownership of data to individuals, DCC’s mission is to transform financial scenarios and realize true inclusive finance. DCC’s open platform will launch in June — including BitExpress digital asset lending.