Ex-Google Chief Eric Schmidt Backs Firms Behind Blockchain Credit Bureau
Keeta and SOLO, blockchain companies backed by Eric Schmidt, are revolutionizing the lending landscape with the launch of PASS, an on-chain credit bureau. This innovative platform leverages blockchain technology to provide digital asset owners access to traditional financial services like mortgages and small business loans.
PASS, built on Keeta’s high-throughput blockchain, acts as a bank-grade financial identity layer. It securely stores and verifies crucial financial information, including know-your-customer (KYC) data, income details, crypto asset holdings, and business credentials. This approach utilizes the inherent trust associated with blockchain infrastructure to manage sensitive real-world financial credentials, adapting to the evolving digital financial landscape.
The creation of PASS addresses a significant gap in the market, providing modern credit rails for various applications. Wallets, decentralized applications (dApps), and embedded finance platforms can all integrate PASS, facilitating pseudonymous lending and borrowing based on verified credentials. This approach offers a level of privacy while maintaining the integrity and trustworthiness of the data.
According to SOLO founder Georgina Merhom, PASS represents a groundbreaking achievement: “This is the first time that a blockchain network has made real-world financial credentials, like income, assets, and identity, verifiable, tokenized, and trusted for lending.” The platform’s portability and programmability offer significant advantages, placing control and ownership directly in the hands of users.
Eric Schmidt’s involvement highlights the growing recognition of blockchain’s potential within the financial sector. His strategic advisory role at Chainlink Labs, starting in early 2023, further underscores his commitment to this technology. The collaboration between Keeta and SOLO, spearheaded by Schmidt, signifies a significant step towards bridging the gap between traditional finance and the decentralized world. PASS offers a secure, transparent, and user-centric approach to credit scoring, promising to expand financial inclusion and accessibility.
