Alibaba’s Sesame China’s All-in-One Credit Rating System
Alibaba’s Sesame Credit which launched in 2015 is one of the highest profile Social Credit Systems in China. In part this is because it gathers a lot of data from Alibaba Cloud services (the same thing as essentially what Facebook, Google and other US companies do). However, in China the process is more formal and complex as it isn’t just for spying and marketing purposes.
It is a system that essentially rates your associates, activities, lifestyle and not just your financial credit alone. So it is both a pro and con in some cases that these aspects are used, but it all depends on your lifestyle.
I find it highly controversial and it all really depends on how fair will the system be and is it more fair than the traditional model?
With ICOs like Bloom I wonder how it will fare and compare?