Royal Bank of Canada seems interested in getting credit points on the blockchain.
In the patent application published on Thursday, the Bank describes the platform built on the blockchain that automatically generates credit ratings using historical and forecast data of the borrower.
The app will offer a system that will use more data sources than the existing system of credit ratings, thus improving the lending process by creating an immutable record.
In the patent application of Royal Bank of Canada said that this app will change the system of credit ratings to provide users with more transparency, which will help them to understand how to calculate their scores.
In addition, according to the application, adding this new level of transparency will help users to improve their results much quicker than is currently possible.
One of the ways of working of the system can be the use of market information for analysis of credit proposals based on existing credit history.
When applying for a loan, the system will automatically determine what type of loan and the lender will be suitable for the specific case, and then create a unique smart contract containing the terms of the loan.
In other words, a system based on the blockchain, automatiseret every step of the process of formation of a credit rating through a more transparent system.
At the moment it remains unclear if the system to use a single blockchain, several networks or a system that the Bank will create yourself in case of obtaining a patent.