Crypto-platform Sikoba has partnered with blockchain provider Horizen to boost its peer-to-peer credit system.
Sikoba aims to formalise the IOU and informal credit market by letting users set up networks that can lend money to each other and register and track the debt on the blockchain.
Alex Kampa, founder of Sikoba, said debts and credits registered on the blockchain must remain private but Horizen lets it provide a public space to verify and generate proof of transactions.
It will use Horizen’s Zendoo technology that provides a secure public network so users can obtain legal certainty to establish credit histories and verify financial transactions safely.
Read more: Blockchain special feature
“Due to the nature of Sikoba’s financial data, its blockchain system needs to be completely reliable for data management – Horizen is thrilled to partner with Sikoba to provide this, and to help its users obtain transaction certainty and establish a credit history via the blockchain” Rob Viglione, co-founder of Horizen, said.
“Horizen’s partnership with Sikoba is a great early use case for Horizen’s sidechain technology, Zendoo, as it showcases one of the many mainstream adaptations for interoperable and transparent sidechain tech.”
Read more: Is cryptocurrency gaining momentum in P2P?