Introducing Qiro Underwriting Explorer

Finance runs on trust, or at least, it used to. With Qiro’s underwriting network, we believe in something stronger: cryptographic certainty. And now, with the Qiro Explorer, we’re taking that belief one step further, making every underwriting decision public, verifiable, and accountable for anyone to see.

For too long, credit underwriting in DeFi has been opaque, with investors trusting intermediaries without the ability to verify the underlying risk assessment process.

• Opaque Credit Risk Models: Traditional finance thrives on secrecy. Credit scores, risk assessments, and loan approvals happen behind closed doors.

• DeFi’s Trust Problem: Decentralized finance has attempted to fix this but remains plagued by poor underwriting standards involving trust on centralised parties and low accountability.

• The ‘Black Box’ Effect: Both in TradFi and DeFi, underwriting is a mystery—only insiders know how decisions are made.

And when trust is required, fraud follows. That’s why Qiro is rewriting the rules, offering a public verification dashboard for underwriting.

Qiro Underwriting Explorer

The Qiro Explorer (https://explorer.qiro.fi/) is our public-facing underwriting verification dashboard. It started as an internal tool to help our team answer the essential question: “How was this credit underwriting decision made?”

Since its inception, we’ve used it to explain the Qiro underwriting network to partners, originators, and investors. And now, it’s here for everyone, bringing on-chain transparency to credit underwriting.

Before diving deep, we would definitely recommend reading this to understand how Qiro’s underwriting network work and why this explorer is a big unlock.

First use-case: Qiro Private Credit Marketplace

The first application of Qiro Explorer will be within the Qiro Marketplace, where fintech asset originators are tokenizing loan portfolios to secure credit on-chain.

Everyone can see the risk analysis for the underlying assets and lending pools on Qiro marketplace linked to explorer for further verification. All of these credit risk metrics such as probability of default, expected losses and risk score score will be available on Qiro explorer.

Note: We are currently indexing all the inferences for Qiro Marketplace Pools on Polygon Amoy Testnet and Plume Devnet.

Under the hood

Qiro Explorer is a real-time dashboard where every underwriting decision is recorded, indexed, and available for verification. Each underwriting result(inference) is backed by transparent, cryptographic proofs and recorded immutably on-chain.

Every credit underwriting decision is built upon four core components:

• Assets: Real-world assets (RWAs) issued by asset originators and represented as NFTs on-chain.

• Nodes/Underwriters: Compute entities running Qiro’s underwriting models.

• Models: The underwriting models deployed by underwriters, specifying risk evaluation parameters.

• Inferences: The final underwriting results produced by nodes, detailing risk scores, probability of default, loss estimation etc.

Assets

Every asset originates from onboarding partners, who tokenise real-world assets as NFT representations on Qiro’s network. Think real estate, invoices, carbon credits, and trade finance receivables on-chain - transparent, and verifiable.

Here, users can find detailed information like:

• Asset Originator: The entity that listed the asset for underwriting.

• Asset Details: Type, value, jurisdiction, and historical performance.

• Link to on-chain record: Every asset is attached to a NFT on-chain
  
  

  

Nodes

Nodes are specialized entities running underwriting models. Each underwriter operates independently, deploying risk models that assess real-world assets against pre-set policies.

• Active Policy: The current credit risk model deployed.

• Policy Description: Every underwriter has a policy framework dictating its decision-making process. These policies are transparent, auditable, and mapped inside the Qiro Explorer for reference.

• Total Value Underwritten: Real world value of assets underwritten through this system.

• Rewards Earned: Total rewards earned by nodes for underwriting assets (This is coming soon!)

  
  

Models

Qiro underwriters(nodes) will be deploying credit risk models, which execute on the off-chain asset data to derive the underwriting results. These credit models could range from simple rule based flows like decision tree to complex default prediction models depending on the lending use-case and borrower assets.

Currently we have few underwriters running credit scoring and loss estimation models on assets on Qiro Marketplace, we aim to grow this network to onboard more and more models on the platform. Description for models can be found on the individual node page describing the underlying risk evaluation methodology.

We further plan to make the models more distributed by onboarding more underwriters on Qiro underwriting network.

Inferences

This is where you’ll find the credit assessment results from underwriting nodes. The results include

• Node Details: The underwriting entity that performed the underwriting.

• Policy Used: The underwriting policy applied.

• Risk : The final output of the underwriting process.

  • Weighted Risk Score : A composite score calculated by assigning different weights to various risk factors, providing an overall measure of an asset’s creditworthiness.

  • Probability of Default (PD): The likelihood that a borrower or asset will fail to meet its debt obligations within a specified period.

  • Loss Given Default (LGD): The percentage of an exposure that is lost if a default occurs, factoring in recoveries and collateral value.

  • Exposure at Default (EAD): The total outstanding amount that a lender is exposed to at the time of default, including principal and accrued interest.

• Tx Hash: The on-chain transaction hash for inference transaction.

• Arweaeve Hash: This is link to Arweave manifest where we store the proof hash for anyone to verify.

Want to see the results on-chain? Click on the inference result, and you’ll be taken to the on-chain transaction, confirming its authenticity.

Verifiable Underwriting: How Does It Work?

Every inference submitted on Qiro underwriting network has a zero knowledge proof attached to it attesting to its integrity in terms of computation and results. We leverage EZKL’s ZKML framework to prove and verify computations from underwriting nodes. Will be writing a detailed blog on this explain further on the underlying architecture.

By clicking on verify result in the explorer, you can cryptographically verify that- "node correctly ran this publicly available credit underwriting model on some public data and it produced this output"

There are 2 ways to verify the results
1. On-chain verification: Every inference will be attached a transaction hash for on-chain verification.
2. In-browser verification (coming soon): There is a widget in the app, that enable to run in-browser verification.

How the explorer improves transparency?

Credit underwriting has been a black box for too long. Bad actors in TradFi hide risk under layers of bureaucracy. Most of under-collateralised DeFi lending protocols lack visibility into how these lending decisions are made. We built the underwriting network for this, where multiple nodes publish underwriting decision on the same asset making sure we get holistic risk evaluation for the assets. For anyone to check this and verify, We built the explorer where you can see the full underwriting details and proof verification.

Qiro explorer bridges the gap between opaque credit risk models and transparent, verifiable underwriting decisions. With every underwriting decision recorded and auditable, investors no longer have to “trust” the underwriters. They can independently verify the credit underwriting results.

Looking forward

The financial industry needs more than trust, it needs verifiable accountability. With the Qiro Explorer, we’re making that a reality Check it out today: https://explorer.qiro.finance/

If you are interested in becoming a underwriter node in the network, please fill the details here: https://tally.so/r/mOPjJp

Got feedback? Questions? Reach out to us on Twitter, Discord or email to nishikant@qiro.fi