Blockchain Credit Bureau System for Telecom Carriers
In this blog post we share some thoughts on how we can use the decentralized blockchain technology in the telecom industry to resolve a specific problem which is risk evaluation and credit issuing to international businesses.
The telecom industry today relies on trade references which is not very useful , D&B number (limited to some countries and expensive) , insurance companies like Euler that charges 15k/year and insures only a specific % of the lost money which is also paid within 90 days if approved.
We think the blockchain can create the initial useful step for creditors and business users and here is how.
User Signup / Setup
The user (business) will access the Block Chain Credit Bureau (BCCB) to get a unique identifier id which will represent their payment history and credit worthiness for them on the BBCB Network.
Creditor Setup
The creditor will download the BCCB client software and set it up to sync with their data source for information (SAP, QuickBooks, SQL ….) and selects the data they want to sync (unique Identifier, payment history).
Once that’s done the account information, payment history will start syncing the data to the BCCB Network.
Final Diagram
Finally the user will only have to provide the creditors with their BCCB unique identifier number so that the creditor can can pull the credit report from the decentralized BCCB Network and make the decision.
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