ABCC Exchange has listed CS!

The internet of money was a new term introduced to the world once Bitcoin was made known to the mainstream community. Many people started imagining a world where each individual user became their own bank by holding Bitcoins in their wallet, challenging the notion that money needs to be centralized.

However, as the features of blockchain technology became known, the use cases of blockchain extended to industries such as insurance, supply chain and consumer products. The aim was to improve transparency of business practices in these industries as well as improve the efficiency of companies in these fields.

Through the implementation of Credits blockchain, Credits is looking to build a platform where companies can implement blockchain solutions to their business processes and use CS tokens as a form of payment.

Credits Platform- Blockchain Solution For Many Industries

The Credits platform is primarily targeted at enterprises that wants to utilize certain features of blockchain technology, such as smart contracts and the transparent nature of blockchain that is beneficial for industries where corruption leads to substantial losses.

According to their website, the Credits protocol can execute a transaction as fast as 0.01 seconds,depending on the internet connection. This translates to more than 1 million transaction volume per second. This will facilitate the many industries that Credits markets its suite of products towards.

Real Use Case Illustratred

Insurance is an industry targeted by Credits

To illustrate this, let us use the implementation of blockchain technology in the insurance industry. In the insurance industry, disputes between the company and customer are difficult to settle at times due to the conflict in interest. Insurance companies have no incentive in paying a higher amount of insurance benefits, and customers are more inclined to believe that they are entitled to claim more than is allocated.

Through the CS blockchain, data that is imputed into the blockchain is immutable and time stamped, reducing disputes over the timeline of events, a common problem in insurance dispute cases.

An Oracle can be created on the Credits platform to verify whether certain external events actually happened and the time it happened, such as a flight delay. The smart contract on the Credits blockchain ensures that insurance companies cannot withhold payouts in the event of a legitimate claim. This results in a fair result for all parties involved.

Utility of CS tokens

The CS token is primarily used for payment of services on the Credits network. Examples of use cases will be the payment and operation of a smart contract that a company requires, network fees for the transference of tokens and the use of Oracles to name a few. If the Credits platform becomes heavily utilized by various enterprises that they are targeting, demand for CS tokens will be substantial. As of 4thFeburary 2019, there is a total supply of 249,471,071 CS tokens as shared on coinmarketcap.

Credits Team and Partnerships

In this post from Credits, Credits have secured 180 partnerships under their portfolio. These partners come from various industries, such as AI, IoT, cloud computing and lending services. The most prominent partnership is with Lenovo New Vision, as they incorporate the Credits blockchain solution to streamline internal operations and management procedures.

Led by Igor Chugunov, an entrepreneur who has prior experience in managing fintech start-ups, the team consists of 60 members, with 40 working in the technology side. This is testament to the huge amount of work that is shown in their documentation for developers, guides to smart contract as well as the source code that they have provided here.

Conclusion To Credits

While it is a well-known fact that blockchain technology has the power to change many industries, Credits is a project that works towards catering to a number of key industries instead of solely focusing on one, which is the stance taken by many other projects. The fast transaction speed shared by the team on their website promises to deliver on the implementation of blockchain solutions in all the different targeted industries. With more enterprises using the Credits platform, Credits is a project worth looking into.

Disclaimer: The above article is a brief overview of the Credits project and is in no way an endorsement of CS from ABCC Exchange or financial advice in any form. Users are reminded to carry out their own due diligence and execute trades based on their research and risk tolerance.