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The original idea was to get users to create trust and credit rating based on their blockchain activity, websites.....create an attack vector ....
These are some key stats and reports that we will need to generate from the Blockchain or the loan books in order to meet several regulatory hurdles. With these, we can join various peer-to-peer organisations. This is important because, well, see towards the end
Bad Debts:
Returns:
Most of this we should be able to generate on demand, although we need to submit these stats once a year.
There are a few sticking points:
1. KYC. We need to have a way to verify users. I'm thinking that we can make this part of the application process and users will have to get verified by a notary or lawyer. The lawyer can then submit a verification code which we can hash into the blockchain.
We'll need to deal with this carefully as KYC covers both lenders and borrowers. We might be able to get around some of this if we just go after penny loans, but the real money is in the big loans. So we'll have to deal with KYC somehow.
2. Chasing bad debts. We've got a strategy for that (legal kneecapping).
So, OP. The data we need to provide should be something we can get from the blockchain?
Why this is important to get right:
The market 5 years ago when I first looked at it hardly mattered. £1m in revenues. In the last year, revenues went from £2bn to £4bn. That's a sign of explosive growth happening. Consumers and businesses have got the message and they are opting for peer-to-peer finance.
This is, as they say, the ground floor of a new financial sector being born right before our eyes.
BCR can expand on this in so many ways. For example, using BTC, we can syndicate loans all over the world. Link BTC to fiat and an investor in California can join with an investor from France and lend money to someone building a house in China or India.