Binance Hype: Blockmason Democratizing the Credit Creation by Blockchain Technology

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by Teuta Franjkovic · 3 min read
Binance Hype: Blockmason Democratizing the Credit Creation by Blockchain Technology
Photo: Blockmason / Twitter

It is announced that in partnership with Binance, Blockmason will launchBlockmason Credit Protocol Token (BCPT) on Binance Chain.

This news came as a crucial step in the Blockmason’s progress because Binance is constantly growing exchange of blockchain assets and a top 10 cryptocurrency exchange by volume.

Blockmason is a company committed to building new protocols on the blockchain that will impact lot’s of industries like finance and healthcare, or retail and entertainment. Blockmason’s Credit Protocol is set to democratize the creation of credit by using blockchain technology.

Launched back in July 2017, Binance is building its reputation as an expert exchange and continues partnering with the most interesting and critical new token opportunities as they hit the market.

BCPT is a credit protocol that allows the tracking of lending and securing of loans on the Ethereum blockchain. This can be applied to any type of loan or debt tracking, in a way that includes personal, business, home, auto, credit cards, or even college loans.

Binance DEX is the decentralized exchange feature developed on top of the Binance Chain blockchain, offering low latency and high throughput with one-second block times and one-second confirmation finality.

Michael Chin, the CEO of Blockmason explains their Credit Protocol as a standardized, reliable way to store debt and credit obligations on blockchain. He says:

“We were tired of complex processes, so we decided to create a streamlined system of management for credit processes. Unlike our peers in the credit blockchain space who are addressing accessibility and cost of the credit industry, we are focusing on developing a platform on which developers can build to create a new ecosystem for the industry.”

Launching BCPT on Binance Chain allows Blockmason to explore a new blockchain venue, assess the potential and suitability of cross-blockchain Credit Protocol transaction recording as well as the scaling of transaction capacity beyond what is currently capable on Ethereum.

As Binance Chain grows, the Credit Protocol and BCPT will grow with it, presenting new opportunities for decentralized app developers and users alike.

Currently, BlockMason is working with multiple current owners and prior purchasers of BCPT (which acts as a use license for the credit protocol) for building consumer or commercial (business to business) driven applications on top of the credit protocol smart contract, allowing for one of the first-ever lending systems tracked on distributed blockchain technologies.

Chin also commented on the listing:

“This team founded this technology out of our working experiences as tech entrepreneurs in various Asian markets — including China, Korea, Japan, and others. Listing with Binance, as one of the exchange market leaders in Asia is among the most important exchanges for our long-term outlook.”

Yesterday, Binance has announced that it has completed the Binance Coin (BNB) mainnet swap that means that the deposits and withdrawals are open.

According to the recently revealed information, Binance has initiated token swap and token burns. It has been disclosed by Changpeng Zhao (better known as CZ), the CEO of Binance, who told his Twitter followers that they had just burned 5mm ERC20 BNB.

Altcoin News, Binance, Blockchain News, Cryptocurrency news, News
Teuta Franjkovic
Author Teuta Franjkovic

Experienced creative professional focusing on financial and political analysis, editing daily newspapers and news sites, economical and political journalism, consulting, PR and Marketing. Teuta’s passion is to create new opportunities and bring people together.

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