The BlockMason Credit Protocol (BCPT) is a token used for lending as well as for tracking the debt you have. Whether the debt is in the form of a home loan or credit card loan or any other kind of debt, it can be easily tracked using the BCPT.
The BlockMason protocol aims to create records of debt and credit obligations between various individuals or parties. With the help of the BlockMason protocol and templates, organizations or individuals would be able to create the infrastructure to lend to others. Companies can even create loyalty programs as well as consumer benefit programs with the help of blockchain templates of BlockMason. Also, since the debts would be recorded on the blockchain and executed using smart contracts, the entire system would be transparent and obligatory.
The global debt market is around $ 100 trillion. Thus, this particular cryptocurrency is tapping into that market and providing different methods for peer to peer lending. Due to the low cost of lending, it is sure to have a significant amount of market share once it gains popularity.
BlockMason is not just working with a single developer but is working with a slew of developers in order to develop different applications which can make use of this protocol for commercial as well as personal purposes.
As the media coverage increases the BCPT token would be utilized by more people in order to secure the loans which they need. However, the cryptocurrency is still largely untested. That is why, it remains to be seen that when more members opt for this particular protocol, whether they are able to borrow easily or whether they find it difficult to lend to peers. Only once it has been proven with a large number of members, it would be easier to understand whether the business model of the currency is successful or not.
So, if you’re interested in peer to peer lending, whether it is lending money or whether it is securing a loan, BlockMason is yet another avenue for it. However, if the currency becomes as popular as some of the others, you can be sure that it would indeed be able to capture a large market in the peer to peer lending space which is already growing at 30% per annum.