LedgerScore developers have weaponized the organization that will represent the credibility of every crypto wallet holder. As the development team, Prolitus Technology is moving forward with the development of the LedgerScore dashboard and will continue to add to its mutually beneficial partnership. The dashboard and app will work strategically in collaboration with nations' CBDCs as they are developed and added as a national currency giving their citizens access to creditworthiness.
The CBDC refers to “central bank digital currency.” This is a new type of currency that is being experimented with around the world. Government-issued electronic currency seems to be an idea whose time has come. Once these governments implement the CBDC currency they will be able to utilize the LedgerScore dashboard for credit purposes. Ranging from individual credit worthiness to commercial contracts with private vendors who are applying for government contracts.
Countries are quickly transitioning into the experimental processes and research of CBDC. The hope for CBDC is that it will have more benefits for bank account holders and the general population will put the digital currency to work. The proponents of CBDC include using new payment technology as a blockchain to increase the efficiency of the payment and lower costs overall.
CBDC is still in the early development process as most places are only exploring the idea right now. Big, conservative, banks are slowing the process from countries like the United States which have been exploring the digital dollar. More ambitious countries like South Korea and China have finished a demo to become a pilot for the technology. The countries interested in this currency each have different approaches but use the same principles and blockchain technology.
Imagine the benefits of LedgerScore services in the implementation of CBDC. LedgerScore products and services will be very beneficial, especially in second and third-world countries. Solving credit reporting and scoring with crypto is a game changer.
“Globally, more than two-thirds of central banks consider that they are likely to or might possibly issue a retail CBDC in either the short- or medium-term.” — According to the BIS, Bank for International Settlements
The benefits of CBDC for retailers’ use are endless. The idea of CBDC was beyond unthinkable just a few years ago and CEO of some major financial institutions were speaking against the idea. However, with the addition of companies like LedgerScore CBDC looks more valuable and useable.