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The latest development comes from the Royal Bank of Canada RBC , as they have made a patent for technology that uses blockchain as part of the credit scoring process public. It was filed in the U. A blockchain credit scoring system would involve a distributed ledger where each block includes identification as well as specific transaction data and a timestamp.
Using these blocks, the system would theoretically be able to generate a credit score, and future credit events—everything from paying off credit cards to taking out a mortgage—would create new blocks and adjust the score. That all comes together to create an easy-to-access credit score that can then be transferred and shown to anyone who may want to inquire. RBC also mentions in the patent that the blockchain could be run by one FI, a group of FIs, or even a collection of authorized entities such as credit bureaus, the government, and more.
This kind of distributed oversight of the ledger would be ideal, as the power to control the credit score blockchain would fare best in the hands of many. Privacy is key in cases like this, as a credit score comes with attached financial records. Blockchain offers a unique solution, as the distributed ledger records and kind of change or discrepancy. The blockchain itself would be completely anonymous, so even if outsiders are able to look at the ledger, they would be unable to track it to a certain person.
A credit record can be dynamically compiled by identifying and aggregating all blocks with identifiers linked to a digital identity uniquely identifying the particular borrower. Essentially, there are anonymous markers included in each block that only the borrower and whomever the borrower informs can identify.
By compiling all blocks with those specific markers on them, an entity such as a bank or credit bureau can obtain a whole credit score. The patent includes a massive number of examples and technical details surrounding the use of blockchain to develop a credit scoring system. Right now, it is all theoretical, as RBC has not hinted or shown that this will be implemented anytime soon. Shopify is a Canadian startup success story that has evolved into a global e-commerce juggernaut by helping people all over….
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