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.