Protocol | Bloom

What is Bloom?

Bloom is an end-to-end protocol for identity attestation, risk assessment, and credit scoring; entirely on the blockchain. Bloom allows both traditional and digital currency lenders to serve billions of people who currently cannot obtain a bank account or credit score.

The Status Quo

There are 5 issues with current credit infrastructure that Bloom aims to address:

High Risk of Identity Theft

Borrowers must expose all of their personal information when applying for a loan - the same info an attacker can use to open new lines of credit.

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.

Creditworthiness Assessment

Most credit systems rely almost entirely on historical debt repayment information and therefore cannot easily accommodate users who are new to credit.

Limited Ability to Expand

Borrowers in markets with less developed financial and regulatory infrastructure struggle to access credit as lenders have limited identity and scoring data.

Uncompetitive Credit Scoring

Credit data is centralized. In most markets a single provider scores credit, resulting in an uncompetitive ecosystem for evaluating credit risk.

Bloom Protocol

The Bloom Protocol provides solutions allowing any lender authorized by a borrower to safely and securely issue credit to that borrower.

The three main components of the Bloom Protocol are:

BloomID

BloomID lets users establish a global, federated identity with independent third parties who publicly vouch for their identity information and legal status.

BloomIQ

BloomIQ is a system for reporting and tracking current and historical debt obligations that are tied to a user's BloomID.

BloomScore

BloomScore is a dynamic and inclusive indicator of an individual's likelihood to pay debts that adapts to the maturity of a user's credit history.

Decentralized identity and credit scoring

Securely verify a user’s identity, reduce the risk of fraud, and assess creditworthiness