Credit loan and blockchain are born for each other

[Vickylalaland]

Nowhere else could be more suitable for Credit loan model than blockchain. Traditional loan model which requires deposit are inefficient and not really risk free. The value evaluation will be a problem as well.
DeCredit has brought this idea to reality. It's really a great innovation, based on people's credit records, the correspondent credit will be authorized.  And the fact that it is built on blockchain can make sure the number will not be manipulated or changed.

[jrrsparkles]

Nowhere else could be more suitable for Credit loan model than blockchain. Traditional loan model which requires deposit are inefficient and not really risk free. The value evaluation will be a problem as well.
DeCredit has brought this idea to reality. It's really a great innovation, based on people's credit records, the correspondent credit will be authorized.  And the fact that it is built on blockchain can make sure the number will not be manipulated or changed.

Already every country has their own credit score analyzing sector which work in their own way because government says that is not under their control and yes they can use blockchain for better transparency and also can avoid the data storing expenses but it is not going to make the loan process easier one who are not eligible won't get any loans in the traditional banking system.

[kryptqnick]

I'm not sure blockchain itself gives enough improvement to the crediting system. The main risk when lending money to someone is that this person won't give it back. And unless the credit is backed by something the person who received the money gives away as insurance, there is no way to ensure that a person will pay up when the time comes. There's still an element of trust required in such operations, and blockchain cannot fix it. But it's possible to build a blockchain-based platform for people to give and get loans, of course. And there are many such projects already, so if the one you're talking about is one of them, I don't see what makes it special because it's not unique.

[passwordnow]

So that project is going to make their own credit records for their users that will use the platform and it shall determine how much they will lend money based on that record. But the risk is on the part of the platform if they don't require for collateral because that's not going to make the platform and business sustainable. I've seen the same model but in real life and it's hard to collect payments from those individuals even though they have good credit standing, they may use it to be in the same situation.