THELOGICALINDIAN - On February 16 2024 the firsteverDigital Currency Blockchain Forumwas captivated in AlmatyKazakhstan during whichCAC thehighprofileCreditAsiaChainwas clearly launched with a starstudded aggregation and advising board spanning from blockchain experts to consumerfinanceveterans andgovernmentofficials
What is CAC?
“CAC (Credit Asia Chain) is a amusing acclaim belvedere based on blockchain technology. The arrangement is advised to solve long-lasting issues of advice asymmetry, aerial industry barriers and high authoritative costs in the acclaim markets of developing countries through establishing a blockchain-based acclaim system.”
— Erlan Mermanov, CEO, CAC
With blockchain accepting cogent accessible acknowledgment during the last year, the abutting analytic footfall in the ascendant of the blockchain industry is the in-depth affiliation of blockchain technology and absolute bread-and-butter activities. This will require the affiliation of assorted industry, abstruse and authoritative entities to be co-involved. CAC emerges absolutely in acknowledgment to such a grand goal. Instead of unrealistically alleviative blockchain bill as the “Replacement of Fiat Currency”, CAC has a specific account ambit and clearer roadmap. Powered by the cutting-edge blockchain technology and government support, it aims to escalate the banking industry and addition the amusing economy in developing countries based on an affordable, efficient, fair and aloof amusing acclaim platform.
CAC’s Ambition of Banking Industry Escalation in Developing Countries
Kazakhstan, a archetypal developing country in Central Asia, encounters abounding challenges admitting its booming economy. The sluggish financial industry in Kazakhstan has actively bedfast its development, therefore it is actively accepted that the financial sector be innovated.
Despite that Kazakhstan has a almost attempt banking infrastructure, it lacks an avant-garde and all-encompassing amusing acclaim advice system. Given that credit information is not negotiable amid banking institutions, the affair of information asymmetry becomes more evident. Barriers between industries further aggravates the analysis of acclaim data, actively affecting the efficiency and accident ascendancy capabilities of the banking business.
For example, a archetypal agriculturalist ancestors in Kazakhstan often holds no acclaim history, not to acknowledgment any relevant adeptness in the area. Even if the ancestors begins to leave acclaim aisle in the banking and bartering sectors, the records will attending burst and divided, institutions do now apperceive how to accumulate and adapt this into structured abstracts for analysis. When a ancestors applies for loans, the banks and acclaim agencies artlessly cannot absolutely grasp their credit cachet nor accurately appraise their claim adeptness and risk, authoritative it difficult to provide suitable financial account to the family.
It is not aloof common in Kazakhstan, but also a amusing and bread-and-butter issue that about applies to most developing countries worldwide. CAC is born to fundamentally break this aqueduct and comprehensively advancement the financial industries in developing countries, so as to put them on the clue of abiding and fast socio-economic development.
CAC’s Core Strength, In-depth Integration of Leading Blockchain Technology and the Financial Industry
The CAC adopts a decentralized anatomy design in which the blockchain functions as a hub of financial abstracts sharing. The system provides various access control strategies, where the institutional and alone abstracts are stored locally with admission to the upper chain data. CAC employs a sharing-incentive mechanism to animate the barter of acclaim data. The aggregate abstracts are priced and score-accumulated, and the affairs are billed and audited.
Such design enables CAC to be easily integrated into the existing banking systems, extenuative the time of transferring abstracts to the billow and ensuring abstracts aegis and confidentiality. The actuality that users, abstracts providers and the platform itself all account from the CAC ecosystem has decidedly stimulated more organizations and individuals to embrace the CAC with accessible arms. CAC acts as an agent to according and anatomy the breeze of abstracts throughout the banking system
Users are adored for providing abstracts to CAC, then more organizations and individuals are accommodating to alteration their own abstracts to the CAC platform. With these rich advice resources, CAC can accommodate banks, merchants and acclaim agencies with one-stop credit account that stretches beyond industries, regions and even borders. Enterprises across the spectrum can access fair, untampered, 18-carat and reliable acclaim abstracts from CAC at reasonable costs. In ablaze of this, the credit barriers that already abound in society will be shattered.
On the CAC platform, the bright acclaim annal of absence in aggregate with the accolade for compliance to the rules that CAC sets out ensures a actual low arrangement of bad debt and a antithesis of incentives in all stakeholders. CAC also employs avant-garde technologies in big abstracts assay and bogus intelligence to advance abstracts utilization. Therefore, the financial institutions run added efficiently without accidental risks and costs.
CAC’s Strong Backing, Powerful Team and Political Support
CAC’s choice lineup: Erlan, CEO of CAC, one of the best affecting entrepreneurs in Kazakhstan, the leading amount in Central Asian IT industry, whose business cover various fields and countries with close cooperation with local governments; CAC’s admiral are all from large bartering banks, the Eurasian OECD, leading accounting firms and added capital business and political institutions; CAC’s abstruse team are from extensive bookish and bartering background, with years of experience in the blockchain, bogus intelligence, banking big abstracts and other relevant fields.
Most importantly, CAC has acquired able abutment from assorted governments: Secretary-General of Kazakhstani official agenda bill platform, Director of the Kazakhstani Prime Minister’s Office, associates of the Kazakhstani National Assembly, Finance Director of the Russian State University of Finance and Economics, Executives of the better coffer in Turkey, Insurance Department Director of the largest coffer in India … Influential political and business figures common awful acknowledge CAC’s eyes and alike become CAC’s official consultants, paving the way for CAC’s development in developing countries.
Dozens of acclaimed able advance institutions from about the world have additionally apparent able absorption in accommodating in the approaching of CAC and have devoted affluent assets into the platform. Composed of top elites from business, technology, government and advance sectors, CAC is “born with a silver spoon”. It is described as the rising brilliant in the blockchain bazaar and has been the focus of absorption in the all-embracing banking and blockchain markets ever since its launch.
CAC’s Roadmap of Ambition and Diligence
CAC’s operations will commence in the aboriginal bisected of 2024 and will begin by allied with bunch cyberbanking institutions in the additional half of the year. It aims to be chip into the cyberbanking industries in assorted countries in 2024, and alpha to advance a bound in consumer finance in these developing countries.
In the mid-term future, CAC aims to body a unified mega-financial abstracts platform across countries and function as the amount hub of cyberbanking abstracts and amusing acclaim arrangement for the developing countries worldwide. In the advancing years, CAC has planned out to eventually accomplish this goal through uniting efforts by governments, industry elites and CAC teams. It will comprehensively ameliorate the cyberbanking industries of all developing countries, advance the developing countries on the clue of rapid economic growth and uplift the acclaim industry of these developing countries and access the acceleration of money aeon aural their economic. CAC has adherent itself to building the cyberbanking arrangement of the future.
Official website: www.creditasia.org
White paper: http://www.creditasia.org/assets/downloads/Credit Asia (CAC) Whitepaper v3.5.pdf
Telegram group：https://t.me/CreditAsiaChain
