CREDITO – A Decentralized Credit Intelligence Service Which Gives Credit Value

CREDITO – A Decentralized Credit Intelligence Service Which Gives Credit Value

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greetings of Credito community dipostingan I want to introduce this about the project, Credito, and here’s the discussion:

Credito is a decentralized credit intelligence network that provides credit scores, transaction value and loan markets supported by the Ethereal blockfain, Intelligent Contract and IPFS, which increases transparency and reliability.. Credito brings Financial Inclusion to “Credit Invisibles” by providing accurate and reliable credit score. A relatively high proportion of young people are invisible or unhidden credits. That’s not surprising, because they have not had much time to build credit history. For some, however, not building credit as a young adult can be the stage for lifetime credit ignorance. People who have no credit score or credit history may find it more difficult to rent an apartment, buy a car, buy a house, and of course get a credit card. In short, it closes them off many ordinary financial transactions.Credito is building a Credit Intelligence Network for the credit industry to prevent Credit Risk by identifying fraudulent transactions as they occur, allowing industry to make informed decisions  .

What is the need for a decentralized and transparent Intelligence platform?

Regardless of the efforts made by banks, card issuers, and merchants, credit card fraud continues to grow faster than credit card spending. Data violations have resulted in more card details being compromised, and the growth of online shopping has led to more opportunities for ecommerce scams. According to a 2016 report by Nilson1, the loss of credit card fraud reached $ 21.8 billion in 2015, which increased by 162% from 2010’s $ 8 billion. Losses for 2016 are already estimated at more than $ 24 billion, and this loss is expected to reach $ 31 billion by 2020.

On the other hand, the peer to peer platform (p2p) is one of the fastest growing segments in the financial services space. The market for alternative finance has gained popularity in recent years. A finding by Transparency Market Research shows that “the opportunities in the global peer-to-peer market will be worth $ 898 billion by 2024, from $ 26 billion by 2015. The market is anticipated to increase at a CAGR of 48% between 2016 and 2024.

A finding by Transparency Market Research shows that “the opportunities in the global peer-to-peer market will be worth $ 898 billion by 2024, from $ 26 billion by 2015. The market is anticipated to increase at a CAGR of 48% between 2016 and 2024.2” While the P2P platform continues to face the risk of default, and fraudulent practices, the growth prospects of this segment remain strong, especially as the banking sector continues to struggle with protracted breakdowns. Thus, a decentralized and transparent Intelligence platform provides a great opportunity for Lenders, Borrowers and Financial Institutions to reduce their risks.

How Credito is the Solution?

Credito is Transparent

Credito takes advantage of the transparency used by the main notebook by monitoring borrower and creditor activity to prevent one party from overextending too much. For example, this will be used to prevent the borrower from obtaining multiple loans from different lenders who then tend to default.

Loan Agreement is an Intelligent Contract

The Loan Loan Agreement is a self-executing contract with the terms of the agreement between the Lender and the Borrower, which is directly written into the code line which brings increased transparency and reliability. The codes and agreements contained therein are in a distributed and decentralized blockchain network. The Credit Loan Agreement enables reliable transactions and agreements to be made between unknown and unnamed parties without the need for central authority, the legal system or external enforcement mechanisms. They make transactions traceable, transparent, and irreversible

Credito is “without trust”

Credito will avoid the risks associated with third parties, and also eliminate the need to trust the opposing party. When the borrower submits a loan request to Credito Network, the opposing party can not manipulate or terminate the loan request after the loan is made. Releasing the risk of an adversary or a third party is essential to avoid unfair and undesirable behavior.

Credito Analytical Engine

Credit scores aim to reduce investor investment and borrower’s credit score. Credit scores are generated by Credito Analytic Engine, a self-learning algorithm using continuous feedback with the help of Big Data analysis, Machine learning, and Artificial Intelligence, which offers scores that act as dynamic markers of the possibility of someone to pay the loan amount, which develops with a record client loan payments.

For more information :

WEBSITE: https://credito.io/

WHITEPAPER: https://credito.io/pdf/whitepaper.pdf

FACEBOOK: https://www.facebook.com/CreditoNetwork

TWITTER: https://twitter.com/CreditoNetwork

TELEGRAM: https://t.me/CreditoCommunity

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