DeFi

Bloom Secures and Provides Control Over Data Using Blockchain

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Securing our data is a headache, especially in an era where almost every day, there is a hack. The disturbing part is some big brands, and platforms like Twitter, Facebook, Google, Amazon, Apple, among many others, are all victims.

This week’s Twitter hack highlights the need to move away from centralized to decentralized storage of information. However, it is a sad reality that the world is beginning to accept data security breaches as part of living a digital life.

Fortunately, Some experts believe that storing peoples information in a centralized system should be a crime. Alas! Hope is not yet lost. There are some Blockchain projects out there with sound solutions to curb the biting situation.   It is the focus of some of these projects to give the world a service, where people have control over their data. We take a look at Bloom and how it is transforming the way data is stored and managed in a very pivotal market.

Bloom In Focus

Bloom, an ETH-based decentralized app (dApp), guarantees an extraordinary level of security when it comes to personal data, thanks to the privacy and anonymization that blockchains offer. It supports traditional and digital moneylenders to work with people all around the globe who are not able to get a bank account or credit score through the mainstream system, or who want to keep their financial data safe. 

The mission is to transform global identification and credit via a decentralized infrastructure that is private, secure, financially comprehensive, and consumer-controlled. Bloom wants to present excellent data and identity permission and authentication to customers and companies globally.

For many people around the globe, the fact that one could exercise control over their credit score is unique. The concept is, therefore, notable attractive to many.  The Bloom protocol has three principal elements, which are BloomID, BloomIQ, and BloomScore. Let us take a look a good at these ingredients, and see how you can engage them in your businesses and everyday activities. 

BloomID, BloomIQ & BloomScore 

BloomID allows you to set up a global identity that non-partisan third parties can candidly guarantee in any situation. These verifiers can attest to the authenticity of the information as in legal and financial status.  It is your Smart Identity, which securely confirms that your private data is verified with Blockchain Technology. Users determine the data they want to include in their BloomID, and precisely how to use it.

More interestingly, verification is once and can be re-use anytime, with proof of identity run within a few seconds. BloomID permits everyone to access apps and services everywhere globally, which they called ‘Go Beyond Borders.’

The role of the BloomIQ is to report and track a BloomID user’s current and historical debt and information that is encrypted and stored on the InterPlanetary File System. It protects and informs you of identity theft.

You can also find out if your data has been stolen in a security breach and send you free alerts whenever your data gets into a hack. This process is through the Bloom Radar.  Moreover, the technical duty of BloomScore is to provide a score that shows how plausible an individual is to settle his or her debts. With this feature, you can check your credit score anytime, anywhere, for free with credit monitoring. 

It likewise gets you alerts if there is a critical alteration on your reports. It creates all your financial standings in one place where those who need to ascertain can have access. 

Decentralized Identity and Credit scoring

In a nutshell, Bloom safely establishes a user’s identity, diminish the prospect of fraud, and evaluate their creditworthiness. Hence, the process of identification and obtaining financial services become straightforward in an innocuous environment. 

The cardinal element in the whole process is how BloomID, the strength of the Blockchain, comes in play to formulate a thoroughly decentralized, digital identity. The owner imperatively has total control, protecting his data from breaches and identity thievery.

Smart Token

‘In Bloom, BLT is what we trust’ is quite a common slogan in the Bloom community. The native utility token that ensures service delivery in the system is BLT.

This smart token empowers organizations to partake in assessing user identities and creditworthiness. Additionally, it works as the voting token to supervise the development of the Bloom protocol. To submit a proposal as a lender and payment history providers concerning their integrity, and why their data should be part of the BloomScore, they need BLT. Similarly, identity attesters and risk assessors also get paid with the token for the services they provide.