ABOUT THE PROJECT
Accelerating digitalization, faster Internet transmission speeds, continuous accumulation of distributed computing resources, the application of mathematic and cryptographic technologies in the digital era: these are the factors that lead us to foresee that in the future, we will see an underlying public chain based on the features of Blockchain (including but not limited to: decentralization, openness, autonomy, irreversibility, and privacy protection). This underlying public chain will be utilized for distributed credit reporting, debt registration, wealth management, and asset transactions. It will enable business participants in different countries and regions around the world to provide financial services in a much more convenient way. A new type of virtual agency based on blockchain technology—"Distributed Banking"— will emerge. A Distributed Bank is not a traditional bank, but rather an integrated ecosystem of distributed financial services.
The concept of Distributed Banking is to break the monopoly of traditional financial institutions through fair financial serviced and return earnings from financial services to all providers and users involved, so that each participant who has contributed the growth of the ecosystem may be incentivised, thus truly achieving inclusive finance.
Through decentralized thinking, Distributed Banking will be able to change the cooperation model in traditional financial services and build a new peer-to-peer and all- communications cooperation model across all regions, sectors, subjects and accounts.
As it pertains to business, Distributed Banking will completely transform traditional banking's debt, asset, and intermediary business structure through replacing liability business with distributed wealth management, replacing asset business with distributed credit reporting, debt registration and replacing intermediary business with distributed asset transaction with . The tree-like management structure of the traditional bank will evolve into the flat structure of Distributed Banking, which will establish distributed standards for various businesses and improve overall business efficiency.
1.Eliminating Monopoly and Profiteering
Everyone will be able to choose their debtors, and in a decentralized market with numerous competitors, pricing power will rest with the market rather than intermediaries. Instead, market participants will get returns and reallocate the data value by providing algorithms and computation on the blockchain.
2.Protecting Privacy Reasonably
Original personal information and non-desensitization data should not be stored at third- party institutions for a long term. Retaining personal data with the user is the most secure storage method. Such storage can be local, or can be encrypted and stored in the cloud, with convenient retrieval via local addressing.
Personal data can be transmitted to the recipient in an encrypted, point-to-point manner. Only the data recipient may process the data, and theoretically, after processing, the data recipient can choose not to retain the data. Alternatively, data can be provided to the data demander in the form of zero-knowledge proof, which allows for verifying the data authenticity and ownership without revealing the original text of the information, in order to fulfill the business requirement.
3.Eliminating Data Monopolies
Blockchain technology allows individuals to own and use their data, and eliminates the value premium caused by the centralized storage and verification of data from third parties. It also prevents data from being misused or leaked by third parties: traditionally, the authenticity of data held by individuals is verifiable and individuals have only ownership of data rather than the right to use data (which can only be gained via authorization to agencies as a means of providing proof).
4.Improving Data Validation Efficiency and Reducing Data Use Cost
Personal data can be automatically validated and used for multiple times according to data categories, significantly reducing the cost of institutions who use the data. The institutions are free from repeatedly obtaining authorization from users each time they use or access the data.
5.Creating “Data Marketplace”
Establishing a standardized data marketplace helps data certification bodies better promote the data standards they processed, construct the brands and high-value niches in terms of big data processing, and helps fix the price according to data use frequency and through feedbacking data to data platforms. Financial institutions can also see the number of available data modules within the data marketplace more conveniently, and thus drive their own IT systems to connect more valuable data.
6.AI Risk Control
Anti-fraud and modeling algorithms are provided on the blockchain through deep learning and AI risk control systems, in order to help financial institutions process personal data without storing data. This method helps financial institutions improve their risk control capabilities in accordance with compliance requirements.
Blockchain discloses risk strategies by providing an encrypted algorithm, and allows borrowers to apply for verification based on the algorithms published by algorithm providers and credit institutions and proactively screen lenders through the risk strategy service. Borrowers who can not access institutional borrowing can choose not to apply for loans from those institutions, thus preventing submissions of personal information by multiple institutions.
This would lead to drastic increase in transaction efficiency and further drop in transaction costs for credit institutions, eliminates the need to allocate computational resources and payment costs to borrowers who cannot receive lending services.
During the borrowing process, by creating a credit history report on the blockchain, data approved by both parties is accessible to other institutions that need to obtain the data, effectively preventing problems such as long-term borrowing and repeated test borrowing.
8.Positive Data Feedback
Beyond use by the lender, lending data can be used to help multiple institutions provide comprehensive analysis of the lender’s behavior and lending results, and help non- participants of single-time loans establish a more comprehensive personal credit rating system.
Partial data disclosed also allows more auditors and regulators to evaluate systemic risks more effectively.Distributed Credit Chain applies the above solutions with Blockchain technology in real business scenarios, and develop a new super credit ecosystem that benefits the world.
DCC （DistributedCreditChain）是一项基于区块链技术的信贷信息服务，它基于区块链本身去中心化、不可抵赖、不可篡改的特点来提供一套服务生态，让信贷参与方共同加入去解决传统中心化交易模式下存在的问题。 DCC 是一条基于区块链技术的主链，在这条主链上为各种不同的分布式金融业务建立业务标准、达成账本共识、部署业务合约、执行清结算等服务。
DCC 是 DistributedCreditChain 中用来支付劳动力(PayforJobs)的凭证， DCC 中任何的劳动都需要支付 DCC 作为工作的报酬。 DCC 的余额管理由 DCC token合约进行维护， DCC 总量固定，随着 DCC 中金融服务系统的增多，分布式商业场景嵌入的越来越多，使用越来越频繁，流动性会大福增加。
1.用 DCC 重构信用成本
在 DCC 系统中，个人要从数据机构获取数据报告需要向数据机构支付 DCC ，通过 DCC 的支付改变了原本数据服务机构获取收入的方式，从原来收集用户数据处理倒卖信息牟利转变为更好的服务客户获得收入。
2.用 DCC 重新分配生态利益
在 DCC 系统中，个人申请借贷需要支付 DCC 给申请合约，其中一部分比例(例如:50%)按照信贷机构使用数据验证服务的权重进行分配给数据机构作为验证费用，一部分比例(例如:2.5%)作为信贷激励损耗进入当日信贷激励池，一部分(例如:7.5%)会被燃烧回收以确保 DCC 总量的持续释放。一部分(例如:40%)作为信贷结果奖励进行分配，如果审核放款成功，借款人主动确认借贷合同该奖励返还给借款人，如果在1天内未主动确认借款合同或者借款申请被拒绝则该笔奖励分配给借贷机构。
3.用 DCC 激励信用积累
在 DCC 系统中，借贷申请过程中的一部分比例(例如:2.5%)转化进入当日信贷激励池，和生态固定激励形成总激励池，由 DCC reward合约进行维护在T+1日对T日按时还款的借款人均分奖励池奖励。在 DCC 生态中，未来不同的业务会形成不同的rewardpool，生态参与者可以在使用和贡献不同生态时获得不同pool种的奖励。
由于 DCC 系统提供的是一个跨国、跨场景、跨法币数字资产的信贷服务， DCC 可以在各个国家对应不同服务于借贷的法币价值，这给借贷服务机构的跨国业务提供了极大的便利。
Serial entrepreneur,Founder of TN Tech,Ph.D. candidate in Finance at LSE,M.S. in Financial Economics , Oxford University,M.S. in Statistics, Yale University
Director at Keywise Capital, Partner at Bridge Capital, M.B.A, Tsinghua University, CFA
TELECOM, Ingenieur, Former vice president at JP Morgan Chase, Nanjing University, Computer Science/Math, Nanjing University, Electronic Science and Engineering
Dr. Daniel Lu
Ph.D. in Mathematics, Yale University, Postdoctoral Research in Financial Engineering, focusing on the Representation Theory, University of Leipzig, Germany
ADVISERS & INVESTORS
Partner of JX Capital， Famous angel investor， KOL in China with the net name as “Jiangnan Young Cynic (Jiangnan Fen Qing)”
Chairman of Xinghe Capital, Co-founder and co-chairman of Dianrong, Former partner of a famous Shanghai law firm
CTO of CCX Credit, the pioneer of China's domestic rating industry, Worked at Bell Labs, years of experience in big data technology
Former Professor at Yale University, Research Director at Hong Kong University, One of the most renowned and influential Chinese economist
Renowned financial economist, Professor in CKGSB, finance, Former professor in UCB and UNC
Managing Director of KKR, Leading expert in the areas of private equity, fixed income, and capital markets, Former global senior partner at Roland Berger Strategy Consultants