PROBLEMS OF TRADITIONAL CREDIT BUSINESS AND THE SOLUTION: DISTRIBUTED CREDIT CHAIN (DCC)
As we all know, credit business has played an essential part in our lives for a very long time. However, the credit business in every country is replete with loopholes at every stage of the process, such as unclear rights and interests, high operating costs, inefficient operations, untrustworthy credentials, and privacy leaks. That's why Distributed Credit Chain (DCC) was organized, to solve all problems of traditional credit business. 1.WHAT IS CREDIT BUSINESS? Definition of credit business: a credit activity where in the holder of certain currency positions temporarily lends an agreed-upon amount of money at an agreed-upon interest rate to a borrower, who repays the principal and interest according to the terms and period as agreed. The fundamental function of the credit market is to adjust temporary or long-term funding shortfalls. Within the credit market, assets and capital can be properly allocated, allowing the smooth functioning of our economic system. The history ...