How Uulala Uses A Digital Asset To Create Credit Profiles for The Underbanked
An Ecosystem Utility
The Uulala ecosystem consists of many features including the use of a native digital asset utility named UULA. This utility asset is imperative for the creation of blockchain based credit profiles for the Uulala user base. Financial transaction metadata is encrypted and the hash is stored inside the digital asset which then logs the transaction on the Uulala blockchain to create the blockchain based transaction record in the credit profile of the user.
Blockchain Technology Underpins Digital Assets
A blockchain is a database that is shared across a distributed network, which means all of the data is not stored in a single place. Once a record has been added to the chain, it is almost impossible to change. To ensure all the copies of the database are the same, the network makes constant checks. Records are bundled together into blocks and added to the chain one after another.
The implementation of blockchain in Uulala allows us to create an immutable ledger of financial history and is the basis for the blockchain based credit profile to empower, elevate and sustain the financial future of our users. Uulala has built its own blockchain to meet the needs of the network and not be subject to unnecessary fees which allow us to drive down cost on our services.
How UULA Is Used
Digital assets are required to log transactions on the Uulala blockchain to create a user's credit profile. These transactions consist of Mass Payouts, Paying Utility Bills, Mobile Phone Top-Ups, Sending Payments, Micro-credit Offers, and Micro-loans
- Uulala user initiates a qualified transaction form the Uulala mobile application or web interface
- The transaction is completed and validated within the ecosystem
- Uulala buys back an UULA digital asset from asset holders where encrypted financial transaction metadata is stored
- UULA asset logs the transaction metadata to the Uulala blockchain to create the blockchain based credit profile
The Uulala ERC20 and Smart Contract have been audited and tested by CertiK.org the worlds leading blockchain cybersecurity firm.
Digital Asset Transparency
To access the Uulala digital asset walletplease click here wallet
To access the Uulala digital asset wallet supportplease click here Wallet Support
To access the Uulala blockchainplease click here explorer
To access the external EUULA ERC20 Smart Contractplease click here Smart Contract