Accepting new ways of getting things done is always a challenge. From time immemorial, human beings find it difficult to embrace new ways of doing things; this may be due to fear of the unknown, or the fact that people are already addicted to the old methods.

This would lead to resistance from people who felt threatened by the new method, trying to defend the old ways even with the last pint of blood in their veins.

The same is applicable in the financial sector, as beneficiaries of the traditional system will resist the blockchain technology and by extension, the decentralized model that progressive-minded people are proposing.

But the new system will make many things possible, thanks to its decentralized nature and it strong algorithm that can’t be altered.

The decentralized system returns power to stakeholders

With access to data without passing through intermediaries, both lenders and borrowers will cut the huge sums they paid to intermediaries who are only holding data for such purposes.

This is because, during the borrowing process, the blockchain keeps the credit history, by creating a report on data approved by both parties in the borrowing process, which can be used by other bodies that may need the data.
It also eliminates the usual repeated test borrowing procedures that are needed to be repeated over and over again in the old system.

Accurate data feedback

Apart from aiding borrowing, lending data obtained can be used by several agencies to study the actual financial behavior of borrowers and results from lending and enable people to create a more accessible credit rating system that is personal.
This will enable everyone to have access to information that aids them when they want to borrow. Unlike in the old system, when agencies are decided on analyzing the financial strength of individuals and corporate organizations.

Distributed wealth

As we all know, the old system enriches the cartel that is behind the system, while borrowers are paying for their flamboyant lifestyle. The traditional finance system is susceptible to exploitation, where the rich are always the ones deciding how the system works.

The decentralized system eliminates the problem of middle rich men and gives power to stakeholders who can invest directly in the system and borrow as well. Distributed credit chain enables elimination of middlemen in financial transactions, though, removes payment of unnecessary charges that are common in the old system.

Penetration of distributed credit system is having some challenges with old guards, but is normal, since many people benefiting from it are scared of losing a stronghold, which gives them wealth, power, and fame.

The future may be closer than we thought, if the distributed credit system and its proponents can hold and resist opposition, it will not be a long time before we see the birth of a new credit system that gives power to all stakeholders.
Keeping hope with the new system in times of opposition is important as the future may be nearer than we all imagined, when we can take charge of our financial world.

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