Colendi, a blockchain-based micro-credit and credit scoring platform, announced that the Colendi DApp is now available for iOS and Android. It is available for all, and users can now directly download it from their respective application stores.
The native mobile application was first introduced by the Colendi team at the Webrazzi Fintech conference in December 2018. As in its earlier alpha web application, beta users were selected and invited to create their digital and self-sovereign Colendi ID. In this version, the Colendi DApp is open to the public for the first time and every user is invited to the Colendi network to create a decentralized Colendi ID
By installing the Colendi DApp, users will be able to create a decentralized digital identity and calculate their Colendi Score generated by Colendi’s machine learning based algorithms and with their own data sources.
Highlights and key benefits of Colendi include:
- Alternative Credit Score: Users can access an alternative credit score (Colendi Score) while connecting data sources like social media attestations or survey answers
- Secure and Global Identity: Users can have a unique, secure and universal identity by registering in the Colendi Application, access all sorts of financial benefits around the world with the Colendi ID
- Your Data, Your Control: Colendi encrypts user data cryptographically and grants users the complete control of their own data. This way prevents any data breaches or leak of any kind of information, and Colendi offers a completely secure identity and credit scoring application
- Share Your Score: Users can share their score with others to gain access to their financing offers.
Why Colendi DApp?
As can be understood from the technical infrastructure of Colendi DApp, the most prominent advantage is to enable users to create a more robust decentralized credit score, and thus more reliable credit history. This precisely contributes to the creditworthiness of especially un/underbanked people excluded from the formal financial system.
Upon realizing that poverty is more than just a lack of money, it can be an obvious fact that getting access to the instruments and means through which the poor could improve their lives is a crucial issue. Therefore, the fragility of this situation has triggered many sophisticated projects that aim to create solutions for the financial inclusion of more people. In that sense, financial opportunities offered by mobile applications, especially in the developing world are now transforming the entire economic system, as they are getting implemented.
Technological developments like blockchain technology are being integrated into their mechanisms to offer next-generation solutions. For example, with the help of blockchain technology, many informal financial organizations can allow especially un/underbanked people to get access micro-credit opportunities by facilitating personal accounts created by digital identity system on the decentralized network.
The Colendi platform uses a machine learning system to calculate the credit scores of users, unlike traditional systems who do the same job solely based on the track records of their customers. Now, with the Colendi DApp, the team will be offering an accessible and practical tool for large masses in the direction of its “shared economy” mission.