🔥 @MeritProtocolHQ and Dock partner to reduce loan underwriting costs! Using Verifiable Credentials, Merit will enable employers to issue fraud-proof & instantly verifiable employment history and income data. They anticipate to reduce the cost of loan underwriting by up to 10x! 🌍Problem: Millions around the world cannot access small personal loans. It's very expensive for financial institutions to access the data they need about a borrower to approve a loan, costing them $30 to $60! This prevents these institutions from offering small loans. 🚀 Merit Protocol acts as a bridge between financial institutions and companies and their employees, as they provide access to quality employment data in a way that preserves employee privacy by using Verifiable Credentials and Zero-Knowledge Proofs. Dock's tech will help Merit Protocol: 🔻 Reduce the cost of loan evaluations up to 10x 🔒Infuse financial service products with privacy-preserving tech 🧑 Enable access to quality employee data and reduce fraud ⏩ Speed up application processes as data can be verified instantly Read everything about this partnership with Merit Protocol here: https://blog.dock.io/merit-protocol-and-dock-partnership/

Right now, it could cost $30 to $60 USD for a bank to access enough quality data to decide if they approve a loan. This prevents banks from offering small personal loans. Merit Protocol believes they can reduce that cost to $5 by using Verifiable Credentials. Merit Protocol will enable employers to issue fraud-proof and instantly verifiable employment history and income data. This data will be issued as fraud-proof and instantly Verifiable Credentials that employees can present to financial institutions to access loans.