31 Jul Blockchain technology Startup Announces Social Credit Rating That’s Run By Community, Not Banks
TORONTO, ON: ReliablyMe, a blockchain technology startup, has created an innovative solution enabling anyone to build their credibility in the community by making good on the promises they make. The concept is to provide individuals with a verifiable badge of trust that serves much the same function as a traditional Credit Score managed by banks and private companies like Equifax. However, since it is controlled by the community it can be used for many things beyond just monetary exchanges, providing opportunities for people who are excluded from big banking and other institutions.
“We are building a social credit system that allows anyone — new immigrants, young citizens, and other marginalized or financially excluded individuals — to be able to establish their credibility and trustworthiness in the eyes of other people,” says Alex Todd, CEO.
The ReliablyMe solution is built on blockchain, the distributed software technology behind Bitcoin and many new innovative projects. It provides individuals with “integrity” badges every time they fulfil a ReliablyME-registered commitment, such as volunteering in a local charity. The accumulation of such badges allows the holders to build their social credit credentials. These are stored in a permanent digital record that enables them to authentically demonstrate their character for easier access to higher education, employment, housing, credit, and insurance.
Social credit badges can also be sponsored, providing charities and other badge issuers with a new source of funding from sponsoring organizations that seek to highlight their contributions to the community. Sponsoring organizations benefit from the transparency of tracking the performance of their contributions to civic engagement and receive online social media-shareable recognition for having done so.
About ReliablyMe: ReliablyMe is a blockchain technology startup based in Toronto, Ontario. Founded in 2017, it develops solutions to improve the lives of millions of people around the world through innovative application of new technologies. ReliablyMe was selected by York University’s BlockchainHub C-Lab accelerator for their inaugural cohort of startups and has been shortlisted by the Intact Foundation for its first-ever impact investment as a means of alleviating the root causes of child poverty.