UTU, Graychain to provide crypto credit score in Africa
Published on 11th June 2019
Nairobi-based UTU Technologies, a blockchain based trust infrastructure, has partnered with Graychain, a Hong Kong-based crypto credit bureau, to issue credit scores to potential investors in crypto currencies in Africa.
UTU Technologies, used in cab hailing products across Africa including MaraMoja Transport, will offer its trust scores to Graychain. This is expected to result in a better credit score for users who would want to borrow crypto currencies.
"Graychain has analysed over one billion public blockchain addresses and sells that analysis as credit scores to lenders across the globe. Graychain's primary data sources link financial data to addresses," stated Graychain.
The crypto credit bureau's chief executive officer Paul Murphy said that the data that the trust engine UTU provides will help the people in Africa gain better access to credit.
UTU Technologies launched its AI-based Trust Infrastructure as a Service (IaaS) last year, which leverages trust based on users' relationships rather than ratings for sharing economy platforms in Africa.
The company aims to become the trust infrastructure for the entire internet, replacing anonymous star ratings, reviews, and scores as the de facto trust mechanisms of digital commerce
"Access to credit remains one of the largest challenges facing Africa and we see huge opportunity to unlock the continent's potential by empowering people to both take control of their credit data and match lenders and borrowers based on a broader understanding of credit and trust that preserves privacy," said Jason Eisen, UTU chief executive officer.
Eisen said that the partnership will ensure that data privacy is upheld and that consumers will have the ultimate control over their data, since Graychain will aim to use the data in their computation of the credit scores.