Credits Platform to be Applied in All Areas of Economy

Let's figure out where the new blockchain platform CREDITS can be applied 
24 January 2018   4086

CREDITS is an open blockchain platform with standalone smart contracts and an internal cryptocurrency. Due to its technical characteristics, CREDITS provides more than 1 million transactions per second with minimum fees up to 0.001 $. The platform provides an opportunity to create your own decentralized applications using smart contracts and an open data registry.

Credits Platform
Credits Platform

CREDITD Platform is being developed activelly. And MVP is already available!

Credits MVP
Credits MVP

The CREDITS blockchain platform can be applied in all areas of the economy, where high level of data security, fast data processing and automation of business processes are required.

Let's figure out, where CREDITS Blockchain Platform can be used. 

Financial institutions and payment services

  • Banks:
    • Savings means reducing the cost of financial reports and reconciling various data on mutual settlements and clearing through the simultaneous access of all stakeholders to databases.
    • Security - the servers of large companies are much more vulnerable than the blockchain system, which requires huge material and technical costs from intruders.
    • Data integrity - information from a blockchain cannot be deleted or changed.
    • Political security - a blockchain cannot be turned off by any government.
    • Cross-border payments without SWIFT are faster and cheaper
  • Insurance companies:
    • Security - contracts can be concluded online and immediately sent to storage in a locker where they can no longer be falsified.
    • Savings - reducing the cost of reconciling data.
    • Smart contracts - the occurrence of insurance events can be programmed and recorded in the blockchain.
  • Payment services:
    • Savings - the absence of intermediaries. Reducing the costs of payments, the minimum commissions.
    • Security - the storage of data on payments in the blockchain ensures complete safety and unchanged information.
  • Exchanges:
    • Security - the use of encryption algorithms protects data against tampering.
    • Smart contracts created on the base of exchange instruments: options, futures and bonds.

Internet of things

Internet of things is a collection of devices that interact with the user and with each other.
The blockchain is needed to ensure the security and safety of the transmitted data between the devices. Based on smart contracts, you can preset conditions and scenarios of behavior, automate many routine processes.

  • Smart house
    • Safety - protection against breaking in, automatic fire extinguishing system, water supply blockage, if leakage occurs.
    • Energy efficiency - management of heating, air conditioning, electricity and water consumption.
    • Pleasant trifles - automatic opening of blinds and curtains, lighting control, TV, Wi-fi.
  • Smart car
    • Unmanned vehicles, the distribution of which is inevitable, with the help of the blockchian, we could share information about situations on the roads and various telemetric data, including the number of passengers and energy efficiency.
  • Medicine
    • All sorts of wearable electronics - fitness trackers, smart watches. They can monitor your health records and send data to your health care provider. Reminder to taking pills, warning of increased blood pressure and other problems.

Business

  • Security - Smart contracts provide secure registration of any type of asset management and transfer transactions.
  • Automation of production - Smart contracts solve many tasks in the field of logistics and supply.
  • Reduction of costs - any amount of payments with minimal commissions. Security of international payments
  • Automation of routine processes for reconciling data and updating information with counterparties and various structural divisions.
  • Creation of your own decentralized applications that fully meet the needs of a particular business.
  • Logistics - the ability to track the entire supply chain of any product from the manufacturer to the end user. Starting from auto parts and components, ending with ingots of precious metals and stones.
  • Intellectual property - the creation of digital assets with an indication of the author and ownership. Transfer of ownership.
  • Secure access to data - the identification and verification of users who have the right to access information and make changes

E-government

  • Electronic voting - the organization of voting by the means of digital tokens, the account of which is carried out in the blockchain. The blockchain can be used to increase the transparency and reliability of the results of voting or elections.
  • Government procurements - the blockchain will ensure the transparency of the procedure itself and the ability to trace the entire supply chain and the contracts with contractors and executors of government contracts.
  • Electronic document management - the provision and accounting of issued certificates, certificates, licenses.

Learn more and stay tuned! 

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Bermuda to Issue First ICO License

The first 'official' ICO that will be held at Bermuda is Uulala
19 October 2018   60

Bermuda’s Minister of National Security, Wayne Caines, said that the Uulala fintech company received the first ICO license in the region. It is reported by the Royal Gazette.

In July, the Secretary of the Treasury of the Overseas Territory of Great Britain, David Bert, introduced new regulations for fintech products and services. The bill classifies initial coin offers (ICO) as “limited business activities”.

The draft law also states that before holding a tokensals, companies must provide information about the proposed digital assets, the financing system, the amount to be raised and various technical aspects. In addition, you must obtain consent from the Minister of Finance of the region.

The CEO of Uulala, Oscar Garcia, reported that the process of obtaining a license took four months. Fintech offers a decentralized peer-to-peer network “to attract cash into the digital economy.” During the ICO, Uulala plans to raise $ 50 million.

We are looking at operating from Bermuda. The Bacardi story resonated with us — a group of Cuban Latinos who went to Bermuda and established their headquarters there. We are looking at doing something similar. Bermuda is known as a financial hub and it is very forward-thinking on blockchain and fintech.
 

Oscar Garcia

CEO, Uulala

The government of Bermuda began to develop bills for the legalization of the ICO in March. Then David Bert said that Bermuda could be an example for other countries in the field of ICO regulation.