CHICAGO--(BUSINESS WIRE)--Hash Credit is a blockchain-based big data decentralized app (“Dapp”) to rival current operators in compliance and efficiency. TopFund, a famous cryptocurrency investment venture, has invested millions of dollars in Hash Credit.
According to Siyu Liu, the founder of TopFund, “The data and Credit Assets (“CA”) industries have enormous market demand; Hash Credit’s business model lets data owners play a more important role in transactions. With P2P data transmission methods and encryption technology, issues which have plagued the data industry such as unauthorized data storage, personal privacy leakage, and data fraud will be resolved. This will completely change the business logic and profitability model of the data industry and credit industry. That is why TopFund has invested in Hash Credit.”
Hash Credit is a collection and transaction platform for CA. Customers use the platform to store and encrypt their own credit data and then generate their own CA. Users have ownership of their CA and are able to know how their CA will be used. In addition, customers can get paid in tokens by data mining and authorizing the use of their CA. In this way, the user's credit can be assessed and quantified.
Hash Credit builds a blockchain-as-a-Service (“BaaS”) platform that encapsulates standard API interfaces and uses decentralized, peer-to-peer (“P2P”) transactions to reshape credit data collection, processing, and trading progress. HCT, the intrinsic token of the Hash Credit platform, is used as a payment tool for CA in various transactions within the ecosystem and also serves as a work incentive for data providers, open source tool developers, and various participants. Hash Credit also provides open source tools and models to help users conduct “Self-Credit Rating,” saving from standard data monopolies and information silos.
“Presently, traditional centralized data collection and transaction methods in the big data industry are of huge legal risks,” said Zhongkui Liu, the CEO of Hash Credit. “Take China for example, people who obtain profits of more than 5000 yuan from trading private information can be investigated for criminal responsibility. Moreover, it is difficult for data providers to participate in the data transaction progress, which makes users unwilling to submit or authorize the use of their personal CA.”
“Our solution is to build a decentralized BaaS platform to collect credit data. When users submit their credit data, the platform will generate CA and encrypt them. The private key of the CA is controlled by users themselves. Therefore, everyone can possess their own CA and have the ability to get rewards when other parties use them,” he said.
“The Hash Credit platform has already been adopted by some partners and we are developing rapidly,” said Zhongkui Liu. “In the near future, we will release a new Dapp which will be applied in C2C credit data market. It will become the last piece of the puzzle for Hash Credit’s commercial application in both the BaaS layer and Dapp layer.”
Project website: http://hashcredit.io