GrayChain and Utu Technologies goes into Partnership to Enhance Credit Scoring on the Blockchain.

To enhance the scope and quality of their product offerings significantly in blockchain technology, Nairobi based UTU Technologies and Hong Kong based Graychain have announced their partnership.

GrayChain CEO, Paul Murphy , the CEO of Graychain was in Kenya recently to meet with Utu Technologies to discuss and seal the partnership that would see African customers having the ability to link their UTU profile to the Graychain platform very soon. In this process, Graychain will be able to take that trust data into account when computing those consumers’ credit scores as well as credit reports generating.

According to Jason Eisen, Utu’s CEO “We are excited to begin collaborating with Graychain whose vision of anonymity-capable borderless credit is both inspiring and critically needed. One of the largest challenges facing Africa being access to credits and we see huge opportunity to unlock the continent’s potential, this can be achieved 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.”

Furthermore, Paul Murphy, Graychain’s CEO said: “Commended UTU’s understanding of trust relationships in the African market as he said it is unique and necessary. It’s a game-changing and a better level by allowing people all over Africa to leverage on these relationships in other to gain a much better access to credit. Its a potential initiative as the relationship will enhance many lives and we are over joyed about it.”

There is a great understanding of the policy of how each works together as the synchronize to achieve the expected result of the partnership, to this end, the data sharing agreement respects UTU’s core principles which states that consumers should have ultimate control over their data. Graychain’s use of this data must also be granted by its owner.
The two companies are building on The aeternity Blockchain presently.

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Credits: C David.

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