22 Nov 2017
Bloom is seeking to create an alternative to the current monopolized ecosystem of credit scoring that has engulfed the financial industry. USA-based FICO controls over 90% of the credit verification and scoring market on behalf of US lenders. Bloom also has a focus on identity verification and identity security, which is a significant pain point in the market and currently results in credit losses exceeding $21b per year due to theft.
We break down the goals of Bloom as follows:
1) Empower the ‘unbankable’ and the ‘credit invisible’ through a decentralized and ‘trustless’ P2P network
2) Streamline the entire process on the blockchain through a method known as ‘credit-staking’
3) Establish a protocol for identity verification and security to minimize the risk of fraud and identity theft
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