The US Patent and Trademark Office (USPTO) has published a Royal Bank of Canada application for a blockchain platform for automatic credit ratings.
As noted in the document, based on historical and forecast data about the borrower, the platform automatically generates credit ratings. It was also noted that the new solution will use more initial data than in existing credit scoring systems to date. This, in turn, can make the process of analyzing the creditworthiness of the borrower more efficient.
In another aspect there is provided a system for credit and digital identity records with a distributed ledger of a plurality of nodes, each node including at least a computing device, and the distributed ledger having a plurality of blocks, each block comprising identification data linked to a set of identifiers for an individual, transaction data, a timestamp indicating when the block was created, and a hash reference for the distributed ledger.
When a client submits an application for a loan, the system automatically determines the appropriate type of loan, generating a unique smart contract with the terms of its provision.
Also in the patent application it is said that the technology of the distributed registry guarantees the unchangeability of the data. In general, Royal Bank of Canada intends to make the process of assessing the creditworthiness more transparent.