Islamic Research and Training Institute and Technology Firm Blocko to Develop Blockchain-Based Credit Management Platform

The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has collaborated with the Samsung-backed blockchain technology company Blocko’s E24P (E24P) to develop a blockchain-based credit enhancement system. The patented Smart Credit Management System (SCMS) intends to minimise the risks connected with lending to companies and individuals through the use of innovative economic incentive frameworks and advanced hybrid blockchain technology implementations.

The SCMS will be based on smart contracts on the Aergo blockchain and aims to ensure transparency over credit assessments whilst ensuring data security. The SCMS will allow creditors to reduce default rates and improve business...