Bloom is a standardized, programmable ecosystem to facilitate on-demand, secure, and global access to credit services. Bloom presents a novel approach to credit risk assessment allowing both traditional fiat lenders and digital asset lenders to issue compliant loans on the blockchain while increasing competition to lower fees and improve borrower experience at every layer of the credit issuance process.
The Bloom protocol presents solutions to the following problems:
1. Cross-Border Credit Scoring: Credit histories are not portable across countries, forcing individuals to re-establish their credit track records from scratch when they relocate.
2. Backward-Looking Creditworthiness Assessment: Credit systems rely on historical debt repayment information and therefore cannot easily accommodate users who are new to credit. This is especially prevalent among minorities, the underbanked, and the youth.
|Token Sale||150,000,000 BLT|
|Token Price||1.16 USD|
|Token Supply||300,000,000 BLT|
|Restricted countries||No restrictions|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
There are three main systems which comprise the Bloom protocol:
1. BloomID (Identity Attestation): BloomID creates a global secure identity, allowing lenders to offer compliant loans globally, without forcing borrowers to expose personal information.
2. BloomIQ (Credit Registry): BloomIQ is a system for reporting and tracking current and historical debt obligations that are tied to a user’s BloomID.
3. BloomScore (Credit Scoring): The BloomScore is a metric of consumers’ creditworthiness. This decentralized score is similar to FICO or VantageScore score, but with updated models.
The Bloom protocol improves the current credit ecosystem by creating a globally portable and inclusive credit profile, reducing the need for traditional banking infrastructure and opaque, proprietary credit scores. This means both traditional fiat lenders and digital asset lenders will be able to also securely serve the 3 billion people who currently cannot obtain a bank account or credit score. Bloom decentralizes the credit industry while lowering rates and increasing security. Bloom makes it easy for lenders to transition to the blockchain by offering a new, compliant way for them to access new markets.
BloomScore, A Decentralized Credit Score on the Blockchain
BloomScore is a dynamic indicator of an individual’s likelihood to pay debts that adapts to the maturity of a user’s credit history (or lack thereof). By splitting a user’s credit scoring mechanism into three phases that each take into account different data points with varying weights, BloomScore can produce a score that is conducive to building credit from the ground up while helping creditors differentiate the credit risk of consumers in markets and communities with sparse data.
Reusable Identity Verification
By publishing all historical identity attestations on the blockchain, organizations can help take part in
building a reusable identity that builds up trust over time rather than having to be re-evaluated for every transaction with a new lender. This can not only save money across the network of lenders, but it can also help significantly reduce on-boarding time by reducing duplicate work by anti-fraud and compliance teams across lending organizations.
Peer-to-Peer Attestation and Vouching
In the Bloom protocol, “peer-to-peer staking” is a mechanism for representing real-world relationships
between individuals with the goal of establishing both an indicator of creditworthiness and authenticity of identity. Evidence suggests that an individual’s creditworthiness can be reliably determined by the people who would vouch for their creditworthiness. This concept of vouching would not be a specific statement about a credit event such as “Bob vouches that Alice is likely to repay a $10,000 loan”, but rather a general statement that Bob trusts Alice’s judgement to not apply for more credit than she can afford.
Securing the Bloom Network
An attacker could create hundreds of fake BloomIDs and have these fake accounts all stake each other. The attacker could then setup her own fake loan organization and have the fake accounts pretend to take out and pay off loans. This process could effectively produce BloomIDs that appear authentic with good financial history that the attack could then use to defraud real loan originators. The Bloom network will bootstrap the network by marking a small number of users and organizations as “trusted” network participants.
BloomIQ is a system for reporting and tracking current and historical debt obligations that are tied to a user’s BloomID. BloomIQ is designed to bring the wealth of pre-existing and comprehensive credit history
to the blockchain while maintaining privacy for the user by introducing a user approval-based system of information dissemination, offering a marked improvement over current systems. Data about an individual’s ability to pay past debts remains an important part of determining credit risk, and BloomIQ enables this functionality to be decentralized and reusable.
Fair Credit Reporting by Default
Bloom’s privacy model puts loan recipients at the center of all transactions involving their private information and credit history. Users can review the information before sharing it with the company performing a risk assessment. In the event that information is incorrect, the user can work with the data vendor to amend their records using the same methods available today. This workflow promotes proactive correction of information before it impacts a user’s BloomScore. Sharing data with the risk assessment company authorizes them to update the user’s reliability score. Unlike traditional credit systems, users can catch mistakes before they impact their creditworthiness.
Joseph Urgo – CO-FOUNDER DISTRICT0X
David Raphael – INFINITY MEDIA
Devon Zuegel – INDEPENDENT CONSULTANT
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