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Royal Bank of Canada is Exploring the Use of Blockchain to Automate Credit Scores

According to a patent filed March 15, 2018, the Royal Bank of Canada is planning to venture into the use of Blockchain technology to automate and manage borrowers credit scores. This new system would store historical and predictive information regarding borrowers in order to compute credit ratings.

 

As an example, if you were to apply for a personal loan, this new blockchain system would be used to automatically determine the terms of the loan you would best qualify for before making a smart contract that would contain the terms of that loan. The system would effectively scan the market for loan offers based on credit data stored in the blockchain, ensuring you receive the absolute best rates for your personal history.

 

The patent describes:
“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. The distributed ledger is 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.”

 

This system would also be more transparent for consumers, addressing the lack of trust between the public and credit bureaus, especially after last years Equifax breach that saw the private data of more than 145 million hacked by an unknown source. Blockchain is proving to be a solution to so many cyber concerns that have developed over the last few decades. What’re your thoughts on this new credit history idea from the Canadian Royal Bank? We’d love to hear your feedback.
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Bitcoin

Bitcoin Price Rallies 13% to Break Through $11,000

Within the last hour Bitcoin (BTC) price pushed through the $11,000 level in a high volume surge which saw the price reach a new 2020 high at $11,394.

At the time of publishing the price has pulled back slightly to the $11,150 range but purchasing volume continues to rise on the 1-hour timeframe. This suggests that the top-ranked digital asset on CoinMarketCap may have another go at the daily high.

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

As reported earlier by Cointelegraph, on-chain activity registered a significant spike in exchange inflow as Bitcoin price rallied above $10,000 and Bloomberg analysts now estimate that Bitcoin price will rise above $12,000 this year.

Ether price (ETH) also surged above its previous high by rallying to $333.52 but at the time of writing the top altcoin has pulled back below $330.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $326.7 billion. Bitcoin’s dominance index currently at 63.1%.

Also, don’t miss our upcoming conference Cointelegraph Crypto Traders Live.

More than 30 star speakers including Raoul Pal, John Bollinger, Mike Novogratz, DataDash and Jon Najarian will gather on July 30th to discuss the challenges of crypto trading. Join the show for over 9 hours of crypto trading content!

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Altcoin

33 CryptoCurrencies In 4 Words Or Less

We put together this list to describe the top cryptocurrencies that are worth your time in 2019.

Each gets four words. There are many!

Hopefully this provides orientation.

Scroll Down To View An Awesome Infographic from MrBtc.org!

 

Name            | Sym.  | Description                              
----------------|-------|------------------------------------------
Bitcoin         | BTC   | Digital gold                             
Ethereum        | ETH   | Programmable contracts and money         
Bitcoin Cash    | BCH   | Bitcoin clone                            
Ripple          | XRP   | Enterprise payment settlement network    
Litecoin        | LTC   | Faster Bitcoin                           
Dash            | DASH  | Privacy-focused Bitcoin clone            
NEO             | NEO   | Chinese-market Ethereum                  
NEM             | XEM   | Batteries-included digital assets        
Monero          | XMR   | Private digital cash                     
Ethereum Classic| ETC   | Ethereum clone                           
IOTA            | MIOTA | Internet-of-things payments              
Qtum            | QTUM  | Ethereum contracts on Bitcoin            
OmiseGO         | OMG   | Banking, remittance, and exchange        
Zcash           | ZEC   | Private digital cash                     
Lisk            | LSK   | Decentralized applications in JavaScript 
Cardano         | ADA   | Layered currency and contracts           
Tether          | USDT  | Price = 1 USD                            
Stellar Lumens  | XLM   | Digital IOUs                             
EOS             | EOS   | Decentralized applications on WebAssembly
Stratis         | STRAT | Decentralized applications in C#         
Electroneum     | ETN   | Monero clone                             
Bytecoin        | BCN   | Privacy-focused cryptocurrency           
Ardor           | ARDR  | Blockchain for spawning blockchains      
Binance Coin    | BNB   | Pay Binance exchange fees                
Augur           | REP   | Decentralized prediction market          
Decred          | DCR   | Bitcoin with alternative governance      
TenX            | PAY   | Cryptocurrency credit card               
BitShares       | BTS   | Decentralized exchange                   
Golem           | GNT   | Rent other people's computers            
PIVX            | PIVX  | Inflationary Dash clone                  
TRON            | TRX   | In-app-purchases                         
Vertcoin        | VTC   | Bitcoin clone                            
MonaCoin        | MONA  | Japanese Dogecoin


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Blockchain

Interest Increases in Newest Blockchain ETF

In the U.S., the world’s largest exchange traded funds (ETFs) market, there are four ETFs offering investors exposure to blockchain technology. All four of those funds debuted earlier this year. The newest of the four is the Innovation Shares NextGen Protocol ETF (NYSEARCA:KOIN), which debuted in February.

Data suggest investors are warming up to KOIN. The fund is the first ETF “to use artificial intelligence to identify and invest in blockchain innovators and adopters,” the issuer said. The ETF debuted at the end of January.

As of April 12th, KOIN had over $12.6 million in assets under management, according to issuer data. That is not a particularly large sum in the world of ETFs, but it shows KOIN is off to a decent start. More importantly, investors have recently been taking note of the ETF. Of its $12.6 million in assets under management, $7.05 million has flowed into KOIN since the start of April.

KOIN’s Issuer Defines Blockchain

“Blockchain is a new digital protocol for authentication and authorization that allows parties to bypass a centralized administrator,” according to Innovation Shares, KOIN’s issuer. “To give this basket a more defined framework, stocks are placed in one of four custom stakeholder categories in terms of how they relate to the theme: Cryptocurrency as Payment, Mining Enablers, Solutions Providers and Adopters.”

KOIN holds 42 stocks, including well-known companies such as Visa, Inc. (NYSE:V), Amazon.com Inc. (NASDAQ:AMZN), Oracle Corp. (NYSE: ORCL), NVIDIA Corp. (NASDAQ:NVDA), and American Express Co. (NYSE: AXP). Semiconductor maker NVIDIA is one of the largest producers of the graphics cards essential in the mining of digital currencies.

KOIN “seeks to give investors access to companies that may benefit from a technology that has the potential to revolutionize the way global trade is conducted, data is secured, supply chains are managed, financial instruments are cleared and contracts are recorded,” according to the issuer.

Components in KOIN must have minimum market values of $100 million. The ETF charges 0.65% per year, the equivalent of $65 on a $10,000 investment.

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