The problem with small businesses is that innovation and competition drives them. Consequently, this means the owners often find a hard time in obtaining the right credit data for their lending expenses. However, this problem should not be a global epidemic as according to the solutions offered by the innovative blockchain technology. Here's how

SmartPesa Credible is a new blockchain-based network that seeks to address the funding gap within the different economies. The system's distributed infrastructure will enable the sharing of emerging markets SMEs data on the blockchain-based ledger. The Blockchain ledger will store financial, identity and transactional data.

SmartPesa creates the Credible Ecosystem as a vibrant structure for participants across the SME sector and financial industry. The participant will get to own a digital wallet from where potential merchants can automatically enroll and use Credible.

Each data on the Credible blockchain platform is encrypted from the source, with the merchants getting the option of accessing the encrypted data through blockchain custody.

Individuals with access to any piece of financial data can attest as to whether it is valid or not, as this is part of the process of proving knowledge of the encrypted data.

Credible also allows for 3rd parties to check the data declarations and digital countersign the information as valid. These verifiers will offer a similar service for the data as legal notaries for the documents.

3rd parties are also invited to contribute data on their financial transactions with the merchants while also giving them the ability to create new wallets for the payments.

Credible provides for a secure mode of operation through the Trusted Escrow Agents who enable real-time access to the blockchain data on behalf of the information owners.

Users such as lenders, trade partners, advertisers and credit bureaus can purchase data from the platform's Merchants.

There is also the capability to acquire SME credit reports from the SmartPesa credit assessor with permission of the Merchant in charge.

Merchants get to pay the service providers on a subscription basis for contributing verified data to the blockchain platform with the goal to improve their credit score.

Merchants get to pay 3rd party entities to help them verify and attest to the credit data provided to ensure it is accurate and reliable.

The platform also provides for the escrow service of tokens to act as a form of savings or become loan collateral in place of a lower interest rate loan.

Offering liquidity is SmartPesa Credible, and with the CryptoATM there is preferential support for the sale and purchase of cryptocurrencies supported.

The CryptoPay service will allow for the acceptance of cryptocurrency for goods and services sold by the platform's merchants.

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