Banks may start applying blockchain technology tocredit scores in 2016. Such an assumption was expressed by 4th largest search engine worldwide and the most popular website in Russia, Yandex, CTO Grigory Bakunov during his lecture about the main trends of 2016. If applied, the blockchain will make scoring much easier and faster.
The growing possibilities of artificial intelligence allow the building of wide networks able to gather authentic information about any user based on his/her accounts in social networks and other sources. Furthermore, they are able to process huge volumes of information, making the process of credit scoring much faster.
The only problem is that they often used algorithms that are unexplainable in any human language. Grigory Bakunov states:
“Artificial intellect often divides people into clusters using algorithms which are difficult to explain in human language. And that may be a problem because people often come to a bank asking why they can’t have a loan. And you’ll definitely owe them an explanation”.
However, the development of artificial intelligence is fast enough. It is probable that soon enough it will be able to explain its own actions. And that’s why Bakunov assumes it to be a good platform to apply the Blockchain for automatic credit score that will not need any additional checks by human experts.
Yandex (Russian: Яндекс) is a Russian Internet company which operates the largest search engine in Russia with about 60% market share in that country. It also develops a number of Internet-based services and products. Yandex ranked as the 4th largest search engine worldwide, based on information from Comscore.com, with more than 150 million searches per day as of April 2012, and more than 50.5 million visitors (all company's services) daily as of February 2013. Yandex also has a very large presence in Ukraine and Kazakhstan, providing nearly a third of all search results in those markets and 43% of all search results in Belarus.
The Yandex.ru home page has been rated the most popular website in Russia.
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