Who is MyCreditChain? Where is the company registered? Who are the investors? What we do not like in this industry is the lack of transparency, in particular companies which are shrouded in anonymity and management who have never run such enterprise before.
Out of the blue comes MyCreditChain which aims to revolutionize the process in how personal information is gathered and used, is considered the most promising project. The company plans to return the ownership of personal information back to the owner so that the owner can make a profit from it.
MyCreditChain (MCC) is a blockchain platform of personal credit information. It builds a safer and more transparent credit information market where individuals can collect and save their personal data in real time. It plans to incentivize each user to provide personal information like income and credit card usage by offering them cryptocurrency. MyCreditChain provides a platform where each user sells personal information to companies in need of such private information.
In this regard, MyCreditChain promises the quality of information and provides the latest information. To keep up-to-date, users do not have to manually update their data. Upon each user’s consent, MyCreditChain provides automated data gathering directly from original sources like National Pension Service. When a user moves, changes jobs or has any change in salary, the changes are automatically reflected on the information provided by MyCreditChain. A vast array of personal information is encrypted and stored in distributed databases.
MyCreditChain is based on an open source-based private blockchain, Hyperledger, and InterPlanetary File System (IPFS) as a distributed storage system infrastructure. Hyperledger stores transaction records, and IPFS stores actual data. Storage providers for IPFS will share fees with the information selling users using the provided storage, and the fees will be provided by the companies requesting the data.
Source: PR Newswire
You may be interested in the MCC White Paper: 20180529_Whitepaper_ENG_v2.2