Bloom is an application from the blockchain platform of the same name, which is an end-to-end encryption-based protocol that is designed to assess financial risk, conduct credit scoring, and store user data. Bloom allows lenders to serve billions of people who currently cannot open a bank account or have a credit rating.

обзор приложения Bloom
Bloom

Application for financial risk assessment and credit scoring

The Bloom mobile blockchain application, which can be downloaded from the App Store and Google Play, is designed to streamline the customer lending process and ease the registration process, as well as provide data to financial institutions for issuing loans. Bloom is a place to enter and securely store data about a user and their credit history. The automotive giant BMW works with the company and develops solutions to the problems with lending and optimizing the travel of its customers.

Most of the financial systems, when issuing loans, carry out credit scoring, that is, assess a person’s creditworthiness using various statistical tools, including relying on information on the repayment of past loans, and analyzing income. Recently, with the increased popularity of social networks, banks and other institutions began to check accounts on Facebook, Twitter, Instagram, and other social platforms. Therefore, Bloom will help facilitate and save data within one platform and provide a general idea of ​​the user with the help of its application.

The safety of information in the Bloom application, according to the company, will allow for the unhindered use of credit history in banking institutions around the world, because due to the outdated system, the data of the average individual is often not transferred from any country. In addition, borrowers in markets with less developed financial and regulated infrastructure are struggling to get loans because these people have limited user data.

создание BloomID в приложении Bloom

The blockchain on which the Bloom platform is built is designed to decentralize all data and fix the problem with biased credit scoring. In most markets, one provider receives credit, leading to a non-competitive ecosystem for assessing credit risk. The Bloom protocol provides solutions that allow banks to issue loans safely and securely.

To register in the Bloom application, users must provide personal data. Initially, users need to enter their full name and e-mail address and agree with the platform policy. After that, a wallet will be automatically created.

регистрация в приложении Bloom

To work effectively, the application requires users to fill out the Bloom Card where all the data will be indicated. The first stage is related to the reliability of the program and data, so it is recommended to undergo biometric authentication (if the smartphone is able to read the user’s fingerprints).

ввод биометрических данных в приложении Bloom

After the first stage of registration in the Bloom application, the start page opens, where the BloomID is displayed. It allows users to view global identities with members of the network who publicly declare their identity and legal status, and communicate with them.

заполнение идентификационных данных в приложении Bloom

BloomID is formed from a five-star rating where the last star is the highest indicator of face openness and responsibility (5). To obtain the status, users must enter a phone number, an e-mail address (users will receive a code), and social network logins and passwords.

идентификация пользователя в приложении Bloom

At the moment, the primary functions of the Bloom application for credit scoring and the formation of the user’s financial database are not available. So far, users can enter only the full name and date of birth in the section “Sanction Screening.” In the future, BloomIQ should start working in full, which is the system of reporting and tracking current and past debt obligations tied to a BloomID user. BloomScore will also be available, which is a comprehensive indicator of debt repayment probability that adapts to the maturity of the loan and the user’s credit history.

The “Scan” section from the control panel is required to scan a QR code, which is posted on the official Bloom website. The user should carry out this procedure since this stage will be the last in the registration of the account.

страница Home в приложении Bloom

The “Home” section contains platform votes, latest updates, materials, and application settings. Bloom operates on the Bloom internal token (BLT), which allows organizations to participate in assessing user identity and creditworthiness. It also serves as a voting marker for guiding the development of the platform. BLT is traded on exchanges and, at the time of this writing, according to Coinmarketcap, is priced at $0.037.

страница настройки уведомлений в приложении Bloom

Bloom: Review Summary

The Bloom application from the blockchain platform of the same name plans to change the system for obtaining a loan and forming a user rating. The very idea of ​​a company implementing an open, functioning network with valid information from borrowers around the world will make getting a loan a less complicated and more accessible process for many segments of the population. In particular, banks will trust those who want to get a loan for the first time. At the moment, the Bloom application is not intended for users from Russia, and many of the essential ranking functions are not available in other countries. Still, the potential for developing the Bloom project is supported by cooperation with various companies and inspires user confidence.