Our life goes on the century of technology, rapid development generates new projects, that is more convenient, protected and transparent to the end user. But unfortunately not all branches of our life managed to pass the process of technological evolution. Today we are going to talk about the banking system, which unfortunately did not have time to through that's it modernization process. The desire to create a new more perfect banking system has become the main motivation of the development team.
Like most modern projects, the company made a decision to introduce blockchain technology into financial services, namely: capital management, loans and even accounting. Such a project will make deals without hindrance, and will allow to render credit and financial services around the world.
As the creators announce, Distributed Credit Chain is the first public distributed banking blockchain. Its mission is to create a dispersed ecosystem for anyone who provides financial services around the world. DCC is going to change various financial algorithms and create a real inclusive financial system by providing loans using blockchain technology and returning data ownership to individuals.
Deficiencies of the existing banking industry and the continuous development of digital mechanisms, the acceleration of information transfer, the emergence and popularization of blockade technology, its introduction in various areas of life, pushed the developers of the project to action. As a result, there was a plan to use blockage in the current money segment, for example, in accounting and loans, credit funds operations, financial control and in monetary transactions.
This project, based on the application of blockchain technology, provides an opportunity to afford freely and receive credit and financial services to customers from any country freely. The creation of the digital financial office Distributed Banking is expected in the future. The company applies new methods of financial management, deviating from the usual way adopted in the industry of providing banking services. The creators hope that this financial office will become a self-sufficient ecosystem on the money market, which carries out financial and other accompanying services.
DCC intends to create competition for ordinary banks, destroying their monopoly. The project promises benefits to each participant, who helps to develop the system, creating the necessary interest. The creating of the inclusive monetary system is the main task of the company.
Applying the decentralized working scheme, revolutionary virtual banking will completely change the corporate form that is using by modern monetary institutions. It is planned to create a peer-to-peer network business model, in which everyone who wants can participate. The way of dealing with debts and various means will change.
Decentralization of the system will ensure the replacement of personal monetary responsibility on the dispersed financial management. There will be a cancellation of the customary dendritic mechanism of leadership that is existed in the current money industry. Instead it, a horizontal mechanism for doing business will appear.
Blocchain will contain and process all information, excluding the possibility of their change from the side, protecting information from unauthorized access. Regulators with access will be able to control records and assets anytime. By using some programs, clients will have the opportunity to study information and industry risks for the purpose of prompt action if it is necessary.
The current credit system is imperfect. Its main disadvantage is regulation by disparate participants, each of that is working with its centralized structure.
Blockchain technology will make the credit and financial services sphere decentralized, increasing its effectiveness and depriving participants of the opportunity to monopolize significant sections and lead the other system members.
The modern banking system has outlived itself, those people who know in detail how the current banking system is arranged will loudly declare: "This project will change the world!". Yes, it is really true, only a handful of families for several centuries is at the head of the central banks for several centuries. It is these people who dictate the rules, arrange wars, enter the technological process, and so on. It is difficult to imagine what will happen in the world if this financial monopoly will be destroed, and this is one of the goals of this project. DCChas already gained the necessary capital, and I can only wish them luck and development, for which I will certainly follow. If you are interested in this project like me, I advise you to read it in more detail by clicking on the links that I will leave for you at the end of this article.