case-8-1

Bloom Is A Decentralized End-To-End Identity Attestation, Risk Assessment And Credit Scoring Protocol On Blockchain, Powered By Ethereum & IPFS. Bloom Offers Both Traditional And Digital Currency Lenders The Opportunity To Serve Billions Of People Who Currently Cannot Get A Bank Account Or Credit Score.

case-8-2

Bloom Protocol Was Founded By Stanford Engineers On November 10, 2017. The Bloom Token Sale Was Held In Late 2017.

Bloom Is A Standardized, Programmable Ecosystem To Facilitate Global Access To Credit Services. It Presents A New Approach To Credit Risk & Nonbank Service Providers; Rating Allowing Both Traditional Fiat Lenders And Digital Asset Borrowers To Issue Compliant Loans On The Blockchain, While Enhancing Competition For Lower Rates And Enhancing The Borrower Experience At Every Layer Of The Credit Issuing Process.

What Problems Does Bloom Solve?

The Bloom Protocol Offers Solutions For The Following Problems
Cross-border Credit Scoring

credit assessments are non-transferable between countries, forcing individuals to rebuild their credit track records when they move.

Assessment of creditworthiness

credit systems depend on historical debt repayment information and therefore cannot easily accommodate users who have never obtained creditworthiness. This mainly occurs in minorities, underbanked, and youth.

Lenders have limited options to expand and offer loans worldwide

borrowers in markets with less developed financial and regulatory infrastructure have difficulties while accessing credit, as lenders have limited identity and scoring information to make credit decisions.

High risk of identity theft

the information that borrowers provide when applying for a loan an attacker can use to open new lines of credit.

Uncompetitive Credit Scoring Ecosystem

credit data is centralized. In most markets, a single vendor scores credit, resulting in a non-competitive ecosystem that evaluates credit risk.

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Bloom Protocol Roadmap

Phase 1

Bloom invitation system and voting

Phase 1 allows users to use BLT (Bloom Token) to invite their friends and colleagues to safely seed the first network. Users with BLT can vote on early development-related proposals.

Phase 2

Bloom Identity Matching (BloomID)

Phase 2 will implement an application that allows users to verify their identity and be matched with their BloomID. During this phase, users can confirm identity information and add additional information to show in their score.

Phase 3

BloomIQ (Precursor to Bloom Score)

BloomIQ is a system for reporting and tracking current and historical debt obligations for a specific BloomID.

Phase 4

creditworthiness assessment (BloomScore)

Phase 4 allows users to check their score and open up a developer ecosystem for additional decentralized lenders to check a particular user's BloomScore, provided sufficient permissions are granted by the loan recipient.

Phase 5

Launch of the Bloom Credit Protocol + BloomCard

Once the risk assessment and scoring protocol is complete, Bloom will start the BloomCard. The BloomCard will serve as the blockchain's first full credit card, providing credit services to the nearly three billion individuals who are currently unable to participate in the global credit ecosystem.

Phase 6

democratic autonomous credit infrastructure

Lenders’, data assessment providers’ and borrowers’ influence will correlate with the number of BLT tokens they own. As a result, there will be an even distribution of BLT relative to the influence of a particular player in the ecosystem. Allocating the ability to propose and vote for improvements will create a fair and democratic infrastructure.

Boosty Labs’ Cooperation With Bloom

We Were Working On Bloom's SDK, And Then On An IOS App Too.
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Bloom SDK Is A Set Of Tools For Performing Encryption, Interacting With Bloom's Storage, Working With A Wallet, Verifying And Signing Data. These Tools Are Collected In One Small Application That Can Be Set Up And Connected In A Couple Of Days. We Developed SDK Quickly Enough, In A Few Months, And We Continue To Refine It Ever Since. Now SDK Is Used Only In Bloom's IOS Application, But It Is Planned To Be Public And Other Developers Can Use It In Their Applications.

case-8-7

The Application Allows You To Confirm Your Identity, Which Can Be Used Everywhere (In Any Country) And Watch Your Credit Rating. If This Solution Becomes More Global, Then In Fact It Will Allow To Change The Current Situation And Rules In Government Institutions, Banking, Will Allow You To Move To An Affordable, Universal And Secure Platform That Will Be Used Around The World And At Least Be Able To Compete With The Current Financial Institutions, Due To High Speed, Transparency, And Absence Of Bureaucracy.

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At A Certain Stage Of Its Activity, The Bloom Project Joined The Decentralized Identity Foundation (DIF), Which Developed A Unified Identification And Verification Standard - Decentralized Identifiers (DIDs). It Is A New Type Of Identifier That Enables Verifiable, Decentralized Digital Identity. A DID Identifies Any Subject (E.G., A Person, Organization, Thing, Data Model, Abstract Entity, Etc.) That The Controller Of The DID Decides That It Identifies. In Contrast To Typical, Federated Identifiers, DIDs Have Been Designed So That They May Be Decoupled From Centralized Registries, Identity Providers, And Certificate Authorities.

case-8-9

They Also Developed Verifiable Credentials – The Electronic Equivalent Of The Physical Credentials That We All Possess Today, Such As: Plastic Cards, Passports, Driving Licenses, Qualifications And Awards, Etc. We Are Currently Making A Number Of DIDs And Verifiable Credentials-Based Products For Bloom, But Not Only. We Worked With Them In Partnership With The Singaporean Company Affinidi Even Before We Started Working With Bloom Directly. In Particular, We Have Implemented A Couple Of Interesting Cases Based On The Affinidi SDK. For Example, Now All The Test Data For COVID-19 That People Take In Singapore Is Immediately Entered Into The Blockchain Using The Affinidi SDK.

We Have Also Developed A Dedicated Singapore Airlines Dashboard That Allows People To Keep Track Of Their COVID Test Status. In This Case, SSI Principles Are Also Used. Also, We Have Made A Website For Bloom, A Frontend Application.

Etc. In General, We Have Assigned A Team Of Six People To Work With Them. These Are Mainly Backend Developers And Mobile Developers.