The Japanese company SoftBank Group has developed a system for managing personal financial information on the basis of a blockade. Thus, lenders will be able to get instant access to the borrower's credit history and its consumer activity, the Nikkei Asian Review. In particular, the system will provide financial organizations with access to the history of lease payments and data on ownership of real estate, which aggregates the company Insite. Its base is replenished by about 170 thousand. records per month. With the help of the new system, banks will be able to quickly assess the borrower's solvency. Previously, this process took a long time, as it was necessary to request and confirm information about income and amount in the bank account. Personal data is usually stored on one server or in the "cloud", which makes them vulnerable to hacker attacks. Blocking allows you to distribute data between several computers that check each other's records.

The system was developed by SoftBank Technology and the start-up Sivira, which develops applications using block-technology. SoftBank Technology will directly manage the infrastructure. SoftBank plans to release a distributed database of credit histories on the market as early as 2019. By 2020, the company hopes to receive orders from 30-50 companies, mainly banks specializing in consumer lending.

Original article: SoftBank will transfer credit histories to the blockbuster.