The cryptocurrency, as many believe, poses a direct threat to banking system. What about the blockchain technology though? Many bankers believe, it is the same evil as the bitcoin and cryptocurrencies are. Other though are trying to benefit from the modern technologies, and the blockchain offers many interesting and advanced solutions.
The Royal Bank of Canada (RBC) understands the benefits. The major Canadian bank has filed a patent for a credit score platform, which will work based on the blockchain technology. The credit records are going to be made in blocks. Each borrower will have his / her data stored in a block, everything will be there that is related to credit history of a person.
At the moment, the credit score is calculated by the bank, and the customers even not always know what exactly effects the bank decision about the credit. From now on, the process of credit score calculation will become more transparent and available for a customer to see.
Moreover, when something happens that affects the credit score, for example, the customer forgets to pay a bill, the customer will be sent an alert by the system.
The system has to improve the visibility of the credit score calculation and to make the process more transparent and friendly.