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Review of Bloom - Digital Identity



Major Press:


Venture Beat: Bloom’s blockchain credit app sees record signups after more bad news from Equifax

Forbes: Meet Bloom, The Company Transforming Credit Scores With Blockchain

CCN: BMW Partners Blockchain Startup to Develop Customer Lending Solution

CNBC: Facebook suddenly banned this start-up from advertising, and its founder thinks Facebook is trying to squash a competitor



Bloom transforms global identity and credit through a decentralized infrastructure that is private, secure, and financially inclusive.


According to Bloom, their mission is to:


  • Empower users to take their data back from insecure, centralized credit systems

  • Onboard users in emerging markets to take part in the global financial landscape through a system that is private and secure by design.

  • Protect businesses from fraud and reduce costs related to preventing identity theft


Overview & Products:


Without Bloom, data storage and identity fraud are the weakest links in financial technology. Global scale breaches are happening at a rapidly increasing rate. The Bloom Protocol is a comprehensive solution for private data verification, sharing, and aggregation. It natively supports alternative credit indicators, works globally, and is breach-resistant.




BloomID:


BloomID eliminates the need for usernames and passwords. Simply scan a BloomID-enabled QR code or click “Log In with Bloom” to securely access apps and websites. Log In with Bloom helps mitigate fraud and prevents you from falling victim to credential stuffing attacks.

Many companies require you to verify your identity in order to access their services, whether that be for Know Your Customer (KYC) compliance, age verification", or simply to make sure you are who you say you are. BloomID makes identity verification a breeze.


Gone are the days of having to fill out long and cumbersome applications every single time you apply for credit. With your BloomID, you can securely apply for credit with your verified identity and financial data.


Radar


Radar scans thousands of sites and databases on the dark web for stolen or leaked information

Recieve real-time hack alerts when your data has been stolen or leaked

Take Action Learn what data has been exposed with detailed Hack Briefings so you can act swiftly to guard against identity theft

100% Free Unlike other identity




Journey

Journey is a white-label onboarding solution that enables banks to reduce account origination costs, digital onboard new users, and close loans faster.

Protect customer data with secure blockchain technology and minimize the risk of data breaches. Improve conversion rates with a streamlined experience that customers can complete in minutes. Journey empowers you to own the customer journey from lead to close.


Global Adoption


Bloom is the largest blockchain-based identity application in the world, deployed at scale to 100's of thousands of users. The current top 5 countries for adoption are the United States, Germany, the United Kingdom, Canada, and Brazil.


Credit bureaus will cease to exist in their current form if GDPR-like regulations continue to be passed throughout the world. In the wake of the Equifax and CapitalOne breaches, the United States Government and standards bodies are recognizing the need for decentralized digital identity.


This July, Bloom was discussed in oral and written testimony before the United States House Committee Financial Services Task Force on Financial Technology “Examining the Use of Alternative Data in Underwriting and Credit Scoring to Expand Access to Credit”.

In addition, the National Institute for Standards and Technology (NIST) recognized Bloom in its whitepaper on emerging blockchain identity management systems.


United States House of Representatives Discussion: https://financialservices.house.gov/uploadedfiles/hhrg-116-ba00-wstate-johnsonk-20190725.pdf

NIST Whitepaper + Bloom: https://nvlpubs.nist.gov/nistpubs/CSWP/NIST.CSWP.07092019-draft.pdf


Technology Overview


Open Source Identity: The core of Bloom Protocol is BloomID, our open source identity platform. Banks, financial institutions, among others can issue reusable credentials to BloomID users. The credentials can be anything from the verified asset or income information to multi-factor authentication tokens to enhance login security. Users have full control over what components of the credential they share with a 3rd party.


Fewer Data Breaches: Secure storage of user credentials is accomplished with Bloom Vault. Bloom Vault is an encrypted data store with each credential packaged for only the owner to access. Access keys, which are stored on user devices, encrypt the data for storage and decrypt it for sharing. Central institutions cannot access local user data without permission. Storing sensitive data on the user's device and securing access with biometrics is a fundamental step to eliminate data breaches.


Private Aggregation: BloomIQ enables users to become their own credit bureau. With BloomIQ, users can selectively share verified information without going through a central aggregator. Users can share their Bloom data to notify their lenders, landlords, and others, of their identity and financial information. This system is user provisioned, users decide who to share the data with. Credit scoring, KYC, account onboarding, and financial access can be accomplished from this data.


Interoperability: The Bloom Protocol is leading conversations around global standards in the emerging digital identity transformation. Bloom has more users than any other decentralized identity platform.

Bloom is a contributing member of the Decentralized Identity Foundation and W3C digital identity community groups. We are committed to building an open, user provisioned data ecosystem that enables financial inclusion and privacy.


Key Management Bios

Jesse Leimgruber, Co-Founder: Jesse is a Stanford Alumni and previously co-founded predicitive analytics and AI business, NeoReach. Jesse is a Thiel Fellow, a mentor and lecturer at the European Innovation Academy and guest lectures at Stanford and USC.


Shannon Wu, Founding Team: Shannon graduated Stanford University where she also served on the Stanford Board of Trustees. Prior to joining Bloom, she founded consulting agency, Mr. Progress, working with financial technology and high growth businesses including Visa, MakerDAO among others.


Geoffrey Arone, COO: Former Chief Scientist of Experian Consumer, Co-Founder & CEO of SafetyWeb (funded by Battery Ventures and acquired by Experian). Geoffrey was also Co-Founder of Flock (funded by Bessemer and Fidelity and acquired by Zynga.) He has an MBA from MIT Sloan and a Sc.B. in neuroscience from Brown University.


Ryan Faber, Co-Founder: Ryan previously founded Flatiron Collective, a leading growth accelerator for consumer tech startups based in NYC. Flatiron is behind the growth of several high profile consumer mobile apps like Fanduel, Wag, Hinge, Artsy, Life360, Vroom, Spin, Raise, Clutter, GoodRx & more. He and his team have helped to raise over $1.5B in venture capital, won 4 Webby Awards, managed over $500M in marketing spend and drove several companies to $1B+ valuations.


Alain Meier, Co-Founder: Alain is a founding research scientist at the Stanford Bitcoin Group and studied computer science at Stanford University. He co-founded the identity verification company, Cognito, where he was CEO. Cognito powers identity verification and anti-fraud for companies like Coinbase, BBVA, Zenefits, among others.


Steve Mullins, CFO: Steve is a long-time Chief Financial Officer, having served as a CFO for multiple technology companies and investment funds over the past 20 years. Prior to joining Bloom, Steve served as the CFO for a publicly traded company on the NASDAQ. He has also served as a member of several boards and chaired several Audit Committees, including being a member of the Board of Visitors at George Mason University and serving as Chairman of the Audit Committee.


Diana Bushard, General Counsel: Diana joined Bloom with twenty years of legal experience managing a multi-disciplinary practice which supports financial, operational and commercial functions of early and mid-stage companies in the technology and financial services sectors. Her past experience includes serving as the Chief Legal Officer for a Miami-based asset manager with 2B under management and as the lead finance and M&A attorney for CA Technologies. Diana holds a degree in economics from UC Davis, a JD from McGeorge School of Law and advanced certifications in finance and data privacy.


Victor Nichols, Advisor: Previously CEO of Experian North America. Victor is on the boards of Revlon, Harland Clarke Holdings, the Bank of Hawaii and Bridgepoint Education. Victor was previously CEO of Harland Clarke, Experian, and Valassis. Victor has held strategic leadership roles, including Chief Information Officer for Wells Fargo, CEO of VICOR, President of Safeguard Business Systems, and various senior leadership positions at BofA. He holds an MBA from UC Berkeley, and a degree in Economics from UCSD.


Links & Code

How Secure Data Sharing Works - https://bloom.co/blog/how-does-share-kit-work/

Share Kit Open Source Code - https://github.com/hellobloom/share-kit

Verify Kit Open Source Code - https://github.com/hellobloom/verify-kit

Bloom Vault Open Source Code - https://github.com/hellobloom/bloom-vault

Blockchain Smart Contracts - https://github.com/hellobloom/core