Secure Credit Reporting on the Blockchain

Abstract: We present a secure approach for maintaining and reporting credit history records on the Blockchain. Our approach removes third-parties such as credit reporting agencies from the lending process and replaces them with smart contracts. This allows customers to interact directly with the lenders or banks while ensuring the integrity, unmalleability and privacy of their credit data. Most importantly, each customer is given full control over complete or selective disclosure of her credit records, eliminating the risk of privacy violations or data breaches such as the one that happened to Equifax in 2017. Moreover, our approach provides strong guarantees for the lenders as well. A lender can check both correctness and completeness of the credit data disclosed to her. This is the first approach that is able to perform all real-world credit reporting tasks without a central authority or changing the financial mechanisms.