The blockchain technology has the potential to fundamentally transform the world as we know it. As we enter a period of rapid evolution in the blockchain space, an increasing number of companies is taking this opportunity to define what blockchain can mean for the financial services industry by developing new products and services.
This has created a high level of interest among blockchain enthusiasts and potential users of these products. And while most of these companies vary greatly and provide unique value propositions, the usage of the same terms such as lending, payment, invoice, credit, and settlement can make those differences difficult to comprehend.
As a developer of the Credit Protocol and the first mobile debt tracking app developed on the blockchain Lndr, we receive many questions about the differences between the Credit Protocol and some of the companies in the industry. While not knowing all the answers and not being versed in the depths of these companies’ internal strategies, we highlighted their and the Credit Protocol’s key details in this infographic.
While many financial services companies in the blockchain space develop much needed platforms for lending, invoicing, payments, and money transfer processes, the Credit Protocol is one-of-a-kind protocol that provides a standardized, secure and reliable method for recording and storing double-confirmed obligations on the blockchain. This establishes the Credit Protocol, powered by its BCPT token, as a foundation onto which a near infinite number of applications involving debts and credits can be built.
The Credit Protocol’s functionality is crucial for any business where money transfers happen only after services or agreements have already been performed. Thus, companies building platforms for lending, invoicing, payment and money transfer can ensure that obligations between respective users of their platforms are securely recorded prior to making payments or giving credits, which becomes crucial for accounting purposes and in cases of default. We welcome discussion with such companies to explore opportunities for mutual support and partnership.
Lndr is the first application built on top of the Credit Protocol. Currently in a Beta stage, Lndr will enable permanent, immutable and double-confirmed recording of debts between two users on the blockchain, and will also allow the settlement of those debts with ETH.
Another application of the Credit Protocol will come as a product developed by Coral Health, with whom Blockmason has recently announced a partnership. Coral Health aims to address the problem of inefficient debt recording and unreliable payment processes that hospitals and medical offices currently face, by developing a decentralized method for recording and settling debts and IOUs between doctors, patients, and insurance companies.
Blockmason provides consulting services and significant support to companies in integrating their apps, technologies, SAAS platforms, and other software onto the Credit Protocol. Owners of the Credit Protocol’s BCPT tokens who require support in development, design, planning, or launching of their applications will also receive continuous guidance from the Blockmason team. The company has released its open source code and documentation for the Credit Protocol, making it possible for developers to build their own apps.