- – FICO is a market-leading analytics software company that supports businesses in more than 90 countries.
- – FICO’s unique level of automation and enforcement allows it to achieve great efficiency in automating compliance
What is FICO and how its powering the business’s decisions
The data analytics business known as FICO, short for Fair Isaac Corporation, offers services for credit rating. For the purpose of enhancing its services and boosting its accountability, FICO has been investigating the usage of blockchain technology from recent years.
It is a market-leading analytics software provider that aids companies in more than 90 nations in developing superior judgements that boost levels of growth, profitability, and customer delight.
FICO’s innovative application of Big Data and mathematical algorithms to forecast customer behaviour has completely changed several sectors. In order to manage risk, combat fraud, foster more lucrative client relationships, optimise operations, and adhere to stringent regulatory laws, the firm offers analytics software and technologies utilised in a variety of sectors.
FICO’s Blockchain usage and its patent
FICO uses blockchain in several areas, including identity verification. FICO is able to develop a more secure and dependable system for confirming the identities of people and companies by utilising the immutability and decentralised characteristics of blockchain. By doing this, fraud can be decreased and credit score accuracy can be increased.
In order to provide the business a competitive edge in the market, it has also submitted many patent applications relating to its use of blockchain technology. These patents include a variety of uses, such as fraud detection, identity verification, and credit scoring based on blockchain technology.
According to Zoldi (Scott Zoldi, company’s chief analytics officer), FICO originally filed for the patent in 2018 because it thought the technology was perfect for providing an immutable record of the development standard for each of its analytical models.
Overall, FICO’s usage of blockchain technology is a good illustration of how this cutting-edge technology may be adapted to raise the accountability and dependability of data analytics and credit scoring services.
How FICO’s blockchain usage has contributed to its accountability:
The adoption of blockchain technology by FICO has definitely improved the company’s accountability, and its patent requests relating to blockchain usage may further strengthen its position in the market. Using blockchain technology has helped FICO be more accountable in the following ways:
Transparency– Transparency and accountability may be improved through the use of blockchain technology, which offers a public and auditable record of transactions. The usage of blockchain by FICO for identity verification and credit scoring can aid in ensuring that the information used to determine credit decisions is transparent and reliable.
Security- The adoption of blockchain by FICO for fraud detection and identity verification can assist to increase the security of its services because blockchain technology is recognised for its high degree of security. By lowering the possibility of fraud and data breaches, this can improve FICO’s accountability.
Efficiency– By increasing the effectiveness of data administration and processing, blockchain technology can decrease mistakes and boost credit score accuracy. By ensuring that credit choices are based on valid and trustworthy information, this can improve FICO’s accountability.
By utilising blockchain technology in this manner, FICO is showcasing its dedication to transparency and dependability in its data analytics and credit scoring services. Additionally demonstrating its determination to engage in innovation and remain ahead of the curve in a business that is continually expanding are the company’s patent filings pertaining to the use of blockchain.