I was intrigued by the idea of using a blockchain to anonymize and secure lending, so I looked it up and a trial of such a thing was run a few months ago. I found this gem:
> TransUnion and Equifax said they are always assessing new ways to secure consumer credit data, an area that is tightly regulated by governments around the world.
The irony aside, it seems like the exact sort of thing a blockchain is good for: verifying transactions with a high degree of anonymity among parties that fundamentally do not trust each other. If I say I've had transactions that I say I have, I should be able to send you a code for you to verify it. There's no reason why I shouldn't have to consent for my private financial information to be disclosed to strangers in the first place.
I don't see how using an anonymous blockchain is useful for storing credit data because it makes it trivial to walk away from a bad credit score and start over from zero.
Also, FWIW you do have to consent for someone to run a credit check on you.
> TransUnion and Equifax said they are always assessing new ways to secure consumer credit data, an area that is tightly regulated by governments around the world.
https://www.reuters.com/article/us-canada-blockchain-credit/...
The irony aside, it seems like the exact sort of thing a blockchain is good for: verifying transactions with a high degree of anonymity among parties that fundamentally do not trust each other. If I say I've had transactions that I say I have, I should be able to send you a code for you to verify it. There's no reason why I shouldn't have to consent for my private financial information to be disclosed to strangers in the first place.