Have you ever heard of DCC? Let me tell you what these three letters mean. In long term, it is “Distributed Credit Chain”.
The Distributed Credit Chain was designed in order to build the standards in business while handling different varieties of distributed financial businesses. Nowadays distributed banking systems have become much popular. So, a DCC is a timely necessity these days. DCC is considered as the beginning of something big; that is the commercialization of the blockchain technology.
The aims of DCC
The DCC project was started with the aim of changing the financial space of a particular business. For that change they use- wealth management
- debt registration
- asset transaction
- distributed credit reporting
The DCC system has focused to create a system which decentralizes the financial services throughout the world. As the traditional financial service is somewhat outdated now, this DCC system is hugging the entire world quickly.
Advantages of DCC
Why has this system widely spread and very popular in the world? Because DCC has so many advantages. So, let’s see what they are- No transaction costs or commissions
- More secure than the traditional systems
- Much convenient and affordable to the users
- Allows a wide range of potential commercial applications
- Eliminate the weaknesses of the traditional systems, especially that of traditional digital currency
- Very easy to access personal data
- The rates of the offered loans are favorable
Features of the DCC platform
The DCC system consists of very advanced features.- The system for user account identification - when you are creating a DCC account, you will get your own DCCID. In simple form, this DCCID basically a decentralized account system. Anyone has the ability to generate their own DCCID even offline. The DCC will use the technology of Digital Signature at each and every step of the data exchange. The uses have the chance to take data using their ID and the password whenever they want
- Distributed credit maintenance - with this feature, any user can have access to data. This is done through DIV (Distributed Identity Verification). The content too can be determined using this. In this system, a third party will not be involved. So, the leakage of data too is negligible during this process. The data will only pass in between the user and the relevant data institute.
Application of DCC network
Here are the steps which take place during the DCC system process.- Registration for the loan
- Consumption of the loan
- Blockchain credit cards
- The Token Loan Service
- The Mortgage Claim Service
- Distribution of assets
Team
So, now I hope that you have got a clear understanding of what DCC is, what its advantages are and how it works. To know more details on this Decentralized Credit Chain system