The establishment of credit is the core of finance. In our traditional credit establishment, we certainly rely on a number of centralized entities, such as the central bank, commercial bank, government, financial regulators, and so on, but the main problem of traditional finance is that the cost is too high. In the Internet era, "credit" is built upon data transferred during Internet transactions. However, big data is mainly concentrated in the hands of a few people. Individual users, as the producer of big data, have no road to taking ownership of their data. With the advent of blockchain technology, users can depend on a fully distributed network with immutable transactions, creating an identification database that will spearhead the beginning of a new credit system. In other words, blockchain solves the problem of "credit", as it does not rely on any credit intermediary and does not need the validation of a third party. Rather, the entire world is the party validating transactions, creating an important breakthrough.
With the accelerating digitization process, the rise of Internet transmission speed, the steady accumulation of distributed computing resources, and the use of mathematics and cryptography technology in the digital age, we predict a future based on blockchain. This future will be decentralized and open, with autonomous and tamper-proof networks along with advanced privacy and security. In this world, blockchain is applicable to all levels of the credit system, including credit investigation, creditor's rights registration, wealth management, and distributed asset trading. An open, decentralized future enables participants in different countries, regions and business scenarios around the world to easily provide financial services. A new virtual "distributed bank" based on blockchain technology will be created. This distributed bank will be an integrated ecosystem of decentralized financial services.
GSN (Global Sponsorship Network), through equitable financial services, breaks the monopoly of traditional financial institutions. In doing so, GSN shifts the traditional bank management structure to a decentralized organization, establishing distributed standards for various businesses while improving the efficiency of processing. GSN uses AI technology for deep learning and an artificial intelligence risk management system to provide anti-fraud mechanisms. Using on-chain model algorithms, GSN helps financial institutions process personal data without needing to store data, along with helping financial institutions to manage their compliance risk. As a result, the transaction efficiency of lending will improve, while transaction fees are cut. It is no longer necessary to allocate computing resources and pay fees to support borrowers. Due to GSN’s distributed ledger technology, lenders and borrowers participate in a more open lending process where all parties can access data directly on the blockchain, solving the problem of multiple lending and repeated trial lending. GSN's distributed point-to-point banking concept allows the lending model to occur between two C2C individuals, where borrowers lend without a designated lender (both parties remain anonymous). Lenders and borrowers can access the other party’s transaction data through the blockchain explorer of the Ethereum public chain to ensure personal security.
GSN redefines the personal credit exchange process, as all lending data is on-chain. This limits the risk of data leaks due to the immutability of the on-chain authentication digital summary algorithm. This credit investigation system that crosses geographic and industrial borders. In the near future, as long as individuals with GSN ID can provide the data required by the lending institutions, they can access the credit investigation system. This is a truly decentralized and independent credit investigation system. The credit investigation system can serve any individual and institution in the world, benefiting all business scenarios that requires credit data.
The data on GSN (www.mygsn.com) cannot be tampered with. This creates a database that supports creditor's rights, right confirmation, and credit package rating through algorithm in the subsequent process of asset securitization. To build an ecosystem of distributed data integration, GSN will partner with world famous universities in the future to build a more secure computing platform (multi-party computation, MPC). Through the use of this system, the data of multiple participants does not need to be collected and analyzed, but can be stored locally for collaborative computing. In this way, multiple participants do not have to worry about their data being abused by third parties. Users can share data collaborative computing scenarios, with the privacy of their data fully ensured. The decentralized transactions brought about by the blockchain will greatly reduce the profits of lending information intermediaries. This gives benefits to the demand side of lending, creates a more market-oriented ecosystem, and reduces the information threshold for participants to enter the market. In addition, decentralization supports risk management practices for businesses and improves interest rates.
Through blockchain, GSN develops an innovative lending ecosystem composed of multiple decentralized systems featuring mutual benefits and equality among all participants. The openness of the GSN ecosystem enables each participant to cooperate independently and equally. Actions taken during an agreement do not rely on the other party or middlemen, allowing each participant to make decisions in the ecosystem independently. This truly builds a win-win environment. This independent bilateral system will greatly reduce the complexity of agreements. Lending service providers can more simply standardize the modules of service and provide a rapidly deployable method of business. Due to its openness, GSN has no barriers of entry for any participants in the lending ecosystem. GSN is developing partnerships with some of the world's most outstanding service institutions in various service fields.
Gradually, the GSN will bring about a better financial system, which will it enable access to basic financial services for those with access to the Internet. In addition, GSN also promises to open up a whole new system of decentralized credit for borrowers who have been turned down by the centralized banking industry.