SilkCredit is a credit service dApp based on Silkchain. It is a credit big data platform created for global merchants, especially small and medium-sized merchants.
The credit giant Experians data covers 103 million businesses and 890 million people worldwide. Compared with the market demand in the United States and the credit market size, most other credit reporting systems in other countries are still in their infancy and the market is vast.
At the core of the problems facing todaya??s credit industry is data. First of all, the problem of information isolation is serious and so is the lack of data sharing. There is no effective sharing and cooperation between the credit institutions, and high-quality data cannot be fully utilized. Secondly, the fight over data sources is pushing up costs. Traditional credit info companies collect, cooperate and purchase data from relevant agencies, aggregating data from limited sources. At the same time, data privacy and security is also facing an important challenge. However, the traditional credit system architecture pays little attention to the user, no assurance of users data sovereignty from a foundational technical level.
SilkCredit, based on blockchain technology, provides a credit info bigdata certification alliance that decentralized, open, self-governing, unchangeable and employing the latest zero knowledge proof technique, secure; for the use of merchants and service providers.
Silkcredit solves the problem of consensus among different credit bodies. The unchangeable consensus data allows the stakeholders to focus only on the data itself, allowing transactions between different financial institutions and actors of different credit level to take place.
The source of the credit data on the silkchain will initially come from by data owners uploaded by agents in each region authorized by voting. The data reviewer will be rewarded by the foundation. Authenticity of all data is guaranteed and endorsed by the data reviewers. All data users will vote and evaluate the quality of data with a review rating, thus affecting the service providers adoption and evaluation of the data submitted by the data reviewer.
The credit data on the Silkchain are de-centralized and shared, the data authenticity is ensured by privacy protection mechanism. Credit and guarantee service providers from all over the world, after joining the ecosystem, can rely on the blockchain to provide or record protected credit data to develop their own credit dApps and create their own unique credit system.
Credit data checker: submits the data checking request to the credit info provider, after obtaining the authorization of the credit data owner, can check the credit data. The credit info consumer pays the service provider tokens as service fee, while paying the data owner tokens as authorization fee.
Credit service providers: to provide basic credit services, such as credit rating, credit underwriting. Service providers earn tokens as fees.
Credit data owner: Can authorize viewing request, invite for credit checking, and with other owners to apply for mutual checking. Through inquiry authorization, owner earns authorization fee, but queries by invitation and mutual credit checks will not be paid. Any intermediaries providing credit scores, grades and other services, can earn a fee in tokens.
Silkchain: a small amount of token is charged for each record entry and request for data as fuel cost to be allocated to the miners responsible for encrypting the block.