A Blockchain-Based Autonomous Credit System

Abstract

The existing credit systems are not well recognized because of separate brokerage systems, non-pertinence, centralized and static evaluation models, and insufficient supporting information. An autonomous credit system is proposed to reform and address the issues of the current systems based on self-regulating blockchain data and programmable smart contracts. The autonomous credit system is trading-oriented to satisfy all the involved trading participants. A blockchain creditworthiness ecosystem is developed to implement the credit system as it provides an open, equal and creditworthy infrastructure. And it is through a collection of smart contracts that all the blockchain operations are processes. A creditworthiness model is developed to implement the credit system to be integrated, traceable, dynamic and personalized. Several pilot projects have been developed to test the feasibility and efficiency of the proposed autonomous credit system. Four creditworthiness clouds have been developed as public blockchain clients and creditworthiness lookup services.