Project GalileoEnabling Microfinance at the Point of Sale
- Galileo Galilei, Italian astronomer, physicist and engineer,
also known as the father of modern science
- Galileo was also the name of the first spacecraft to orbit and launch a probe into the planet Jupiter
- Project Galileo is the first proof of concept on Jupiter Chain
- Applying Jupiter Chain to privacy-preserving financial assessment for loans using blockchain data
Project Galileo Demo
It is a smart consentable data exchange, conceptualized to create a new paradigm for the data economy with blockchain. The concept is to enable privacy-preserving data assessment on personal data, this has the potential to enable the provision of tailored services and products without exposing personal data. For more information, please read our white paper here.
Project Galileo applies this concept to the area of micro-finance for a privacy-preserving financial assessment. The micro-finance industry currently faces a few problems, data of borrowers are fragmented, loans are high risk, the model is not scalable and access to funds is hard. This results in high-interest rates for borrowers.
Borrowers may be credible micro-entrepreneurs with good track records, but micro-lenders cannot access this data. The borrowers’ trade activities could provide information to lenders on their credibility. Project Galileo demonstrates what can be achieved with Jupiter Chain in this context of providing micro finance at the point of sale. In this proof-of-concept, we show that with trade data, we can enable lenders to provide financing to micro-entrepreneurs at the point of sale
Data assessment (credit scoring) for the customer is done in a discrete manner (her/his personal data is not exposed to the lender). However, a data trail is kept, the credit assessment result can be reproduced via the blockchain for audit purpose.