The Royal Bank of Canada will apply blockchain platform for automatic credit ratings.

Home » BLOCKCHAIN » The Royal Bank of Canada will apply blockchain platform for automatic credit ratings.
2018-03-16
Photo: Oh Canada
The Royal Bank of Canada will apply blockchain platform for automatic credit ratings.

The US Patent and Trademark Office (USPTO) has created the Royal Bank of Canada application for a blockchain platform for automatic credit ratings.

As noted in the document, the platform automatically generates credit ratings, based on historical and forecast data about the borrower. ItAlso in the patent application it is said that the technology of the distributed registry guarantees the unchangeability of the data. In general, Royal Bank of Canada intends to make the process of assessing the creditworthiness more transparent.

Recall last year, the Central Bank of Canada was extremely skeptical about the capabilities of the blockchain for the cardinal transform was also noted that the new solution will use more initial data than in existing credit scoring systems to date. This, in turn, can make the process of analyzing the creditworthiness of the borrower more efficient.

A client submits an application for a loan, the system automatically determines the appropriate type of loan, generating a unique smart contract with the terms of its provision.

 

CRYPTOCURRENCIES
  • bitcoinBitcoin$3,834.50
  • ethereumEthereum$129.98
  • rippleXRP$0.306649
  • tetherTether$1.00
  • eosEOS$3.49
  • stellarStellar$0.097660
  • litecoinLitecoin$53.49
  • cardanoCardano$0.045760
  • tronTRON$0.021826
  • moneroMonero$48.37
  • iotaIOTA$0.275606
  • nemNEM$0.043828
  • dashDash$81.56
  • neoNEO$8.52
What is Blockchain?
“Giving users easy access to many different kinds of digital assets on the blockchain and, particularly, tokens that are linked to assets in the real world, is crucial to seeing blockchain adoption reach the next level, and I applaud Digix Global’s initiative in being the first of many such projects to successfully launch” – Vitalik […]
2019-03-06 0 39
What is Bitcoin?
The cryptocurrency industry is becoming more and more popular all around the world. Despite the fact that there are more than 1000 different cryptocurrencies and the number keeps growing, cryptocurrency is often associated with Bitcoin. Bitcoin is the first modern cryptocurrency in the world; it attracts thousands of users and investors from different countries. Millions […]
2019-03-05 0 36
Anton Vokrug, the CEO of DataTrading, about the financial markets and cryptocurrencies
The topic of cryptocurrency regulation will be actual for several more years in Ukraine. The Government of Ukraine has already taken steps towards the adoption of relevant cryptocurrency-related laws. In particular, the Ukrainian officials work on the legalization of the project “The Concept of State Policy in the Field of Virtual Assets”. However, what does the regulation really mean […]
2019-02-27 0 138
IBM used blockchain to ship 28 tons of citrus fruits from China to Singapore
On the eve of the Chinese New Year celebration, the technological giant IBM delivered 28 tons of oranges and tangerines from China to Singapore. When issuing a bill of lading confirming the contract of shipment, the blockchain technology was used, reports CoinDesk. IBM experts note that the electronic bill of lading (e-BL) has accelerated administrative […]
2019-02-19 0 20
© 2017–2018