BlockMason Credit Protocol

BlockMason Credit Protocol (ticker symbol: BCPT) is a standardized, reliable, and secure method for recording and permanently storing debt and credit obligations on the blockchain ^[1]^[2].

Overview

The Credit Protocol functions as a foundation for building decentralized applications that involve accounting, defaults, payables, receivables, or tracking any other form of financial obligation. With these features, companies in Finance, Health care, energy, legal, Retail, Logistics, entertainment, and other industries can build their own decentralized applications and solutions to fit their needs^[3].

The Credit Protocol is powered by the Blockmason Credit Protocol Token (BCPT), an ERC-20 utility token which is required to enable the recording of data through the Credit Protocol to the Ethereum blockchain, the Credit Protocol is a system for recording debts and credit between entities on the Ethereum blockchain. One entity sends a debit or credit request to another, and that user then confirms the debt or credit, which is recorded and stored within the Credit Protocol’s smart contract.

Users of the CP have the opportunity to purchase a Credit Protocol Token (BCPT), through these BCPTs, a UCAC effectively buys debt recording capacity from the network. BCPTs are, in essence, a license to use the CP network, much as software is licensed to users. This license is granted in perpetuity to the holder of a BCPT for as long as the user owns that token. The owner of a BCPT may choose to “sublicense” their allotted transactions to another user, whether for free or for compensation while retaining their token and the rights granted therein.

Unlike the products of many token sales, the Credit Protocol offers more, it is a functional protocol that provides immediate value, while offering a concrete path to widespread user adoption and significant benefits for users^[4].