12/25/2017, 10:44 PM (Source: TeleTrader)
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SoftBank's credit score product uses blockchain

Instead of holding individuals' financial history records in the cloud and using solutions sensitive to breaches, in as little as one year lenders may get access to a blockchain-based system, Nikkei reported on Monday. SoftBank Technology partnered Sivira, a firm with headquarters in Osaka, to develop a credit score tool for the management of information provided by Insite. The service compiles data about rent transactions and real estate.

The technology behind cryptocurrencies, such as the Bitcoin, may simplify the verification process banks require for client assessment, the article adds. Instead on a single server, the sensitive information will be managed by SoftBank Group Corp.'s subsidiary on several computers simultaneously via blockchain. The distributed ledger tech enables stronger data protection.

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