Blockchain-Based Credit-Scoring

Credit scores can dictate a person’s involvement in the financial system, including loan or mortgage approvals, interest rates, and insurance rates. It can even impact things like someone’s ability to rent an apartment or secure a credit card.

Currently, our credit-scoring systems are highly centralized, exclusive, and vulnerable to cyber-attacks. Blockchain-based credit scoring can change the landscape of the current banking system by solving these problems.

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Advantages

Inclusiveness

Extending credit to the unbanked and underbanked.

Security

Immutable and non-tampering network

Flexibility

More accurate rating powered by AI and smart contracts

Use Case | Blockchain-based Credit Scoring

Agricultural and Commercial Bank of Zhejiang, China

Agricultural and Commercial Bank of Zhejiang, China has nearly 4,200 business outlets and more than 50,000 employees in Zhejiang Province. It is the financial institution with the largest number of outlets, the widest range of services, and the largest capital scale in Zhejiang Province.

Features

Security and transparency

The events that affect the credit points of users are recorded on the blockchain-based network and cannot be tampered with, providing full authenticity and transparency. This feature also enables local farmers to perform the governance role and help maintain the integrity of the bank.

Smart Algorithms

The credit scores are calculated based on data provided by multiple parties including local banks, police offices, and taxation. Our smart-contract based credit-scoring system guarantees the maximum accuracy and allows eligible farmers to get the best loaning contract.

Efficiency

Once the loan application is submitted, the system will automatically determine the appropriate loan plan and creditors, and then generate a unique smart contract to determine the loan terms. The automated process will largely reduce processing time and costs.