Debt collection register extracts coming to blockchain

BlockFactory AG has developed a blockchain-based alternative to debt collection register extracts. With this, the start-up is aiming to bring to an end the occasionally arduous process of ordering debt collection register extracts. While these are already available online, BlockFactory explains in a press release that this process can take up to three days before the document is ready. Moreover, the company states that important data can be lost during a move because every municipality manages its own debt collection register.

The BlockFactory solution is based on the Ethereum blockchain, which guarantees that the document is protected against forgery. According to information provided by the company, the CreditTrust certificate can be ordered at any time in a matter of minutes and then retrieved. This should help housing applicants in particular to rapidly prove their creditworthiness. Property management firms and real estate portals should also stand to benefit from this development.

Benoit Henry, CEO of BlockFactory, comments: “We are very proud of CreditTrust. It represents a global first, showing how blockchain can be used to effectively combat fraud and forgeries. Blockchain technology will therefore become a familiar part of everyday life, with this development helping to fulfil the original purpose of creating trust”. The new solution is to be officially launched by BlockFactory on January 16, 2019 at the Worldwebforum in Zurich.

The canton of Schaffhausen has been trialing a similar solution since last fall. Residents of the canton can order their debt collection register extracts by cell phone and receive them as a PDF. The solution is based on the blockchain infrastructure developed by Swisscom and the digital identity solution from Procivis.