What is BlockMason Chain Protocol (BCPT)?
With the rise of credit cards, massive debt, recessions and bank collapse, many people are left with a mess of bank statements, irritation and in many cases huge debts to pay off. To add to the economic confusion, many countries are heading in the direction of cashless societies with Denmark taking the first plunge. It is no wonder that some cryptocurrencies would jump on the credit/debt bandwagon to cash-in on cashless.
And while it does sound like a good idea to make credit transfers and transactions easy and secure, it can leave many questioning about what will come next? Will the future make this the new credit/debt transfer requirement, or will the old methods still hold up? How will this affect current banking practices? Will it make obtaining a loan more secure or just as risky?
BlockMason Chain Protocol: Simplifying Credit and Debt Transfers
The BlockMason chain protocol is a type of credit protocol that was created to provide a system for accurate debt and credit recording. Since the modern era of finance has become heavily dependent on debt, it has left cryptocurrency open as a new debt holding frontier. It is no surprise that a solution would be made in the cryptocurrency sector to permit the credit/debit transactions.
Before this protocol occurred it was next to impossible for people to create and repay in credit using cryptocurrencies. This is the protocol’s main goal. To be able to provide a stable and secure structure that would allow the transfer and receiving of credits on a digital ledger that couldn’t be altered.
How This Blockchain-based Protocol Works
The protocol uses the Ethereum blockchain and allows people to open up enterprise and consumer loans. Basically, one person sends either a debit or credit request to another person who confirms the request. Then this request is recorded and stored on the BlockMason chain protocol’s smart contract.
How people are able to initiate the requests is by using the BlockMason credit protocol tokens. This allows transaction demands and needs to be determined by the network. What this means is for anyone to take part in the protocol they must first be connected through the network.
This type of protocol can, in essence, simplify various banking transactions between people who provide loans to those who make loan requests.
Types of Apps That Use BlockMason Protocol
Since the credit protocol’s inception, there have been a few apps developed that use it in their platforms. BlockMason has even developed a free UCAC depository so that various decentralized apps could be built on top of the company’s Blockchain-based protocol. A few examples of such apps are Lndr, Friend in Debt, and Giftchain.
How It Can Benefit People and Businesses
Despite the protocols relatively new method of transferring credit without the need for collateral, it can be used by many people to simplify a variety of debt transactions.
Types of people who benefit from this protocol:
- Companies looking to simplify transactions.
- Companies that offer loans and need a secure method to collect debt and possibly collateral.
- Individuals who use one of the phone apps for lending and giving money in a small network of friends.
- Those looking for a reliable transaction method within the confines of cryptocurrency.
The protocol’s tokens may not be worth a whole lot on the cryptocurrency market but the intentions and vision of the protocol are what matters most. Having a safe method to conduct credit transactions in a digital world will become desired over time to prevent digital theft and scams.