Bloom Partners with Top Credit Agency, Transunion to Put Consumer Credit Data on Blockchain
Bloom, a blockchain startup aims to use decentralization to create a blockchain-based identity for consumers, giving users complete control over the flow of their information.
Bloom has partnered with US-based credit reporting agency TransUnion to launch its second mobile application. Bloom hopes that this initiative provides a tiny step towards educating the larger population on the importance of data security.
The first Bloom app notified users if their data was leaked anywhere on the internet. Bloom’s data monitoring tool scans the internet including the dark web to ensure that the consumer data has not been breached. If the application detects any such breach it notifies the consumer along with several steps on how to contain the leak of the information.
The second Bloom mobile application offers a robust credit monitoring service for consumers while ensuring high security for their personal data. The app is currently only available in the United States where a consumer would be able to monitor their credit scores, current loans, credit cards, and monthly payments.
Dao Boyle, senior vice president of Business Development at TransUnion Consumer Interactive commented on the new partnership with Bloom, expressing excitement about working with the blockchain firm to ensure enhanced data protection for consumers.
“A critical part of TransUnion’s mission is to empower consumers to better understand and manage their data and shape their financial lives,” Boyle said in a press release.
“This partnership supports that mission, and we look forward to continuing working with Bloom to deliver innovative and impactful solutions to consumers.”
Data is the Oil of 21st Century
Data is the new oil of the 21st century, but a majority of the population does not understand its importance. This is why they don't bother to check or read terms and conditions before installing any app or service on their devices. A majority of which takes user’s permission to use their data whichever way they want without the consumer actually knowing what they have signed up for.
The issue is not just with these service providers, however. But with the centralization of data management which often leads to breaches in their security and theft of sensitive and personal information.
Blockchain and decentralization have emerged as a solution for ensuring the security of consumer data when big private firms are misusing it on the pretext of offering a few of their services for free.
The best example of a data breach and misuse which lead to manipulating user behavior was the infamous Cambridge Analytica episode involving Facebook.
Facebook’s user profile data was misused by Cambridge Analytica, a political PR agency, to create targetted region-based advertisements to influence the user’s vote.
Bloom’s Long Term Initiative
Bloom’s first version of the app, where it monitored the breach of consumer’s data, was not a big success as it failed to convey the importance of data protection to consumers and why they need a blockchain-based identity.
Bloom’s identity system works on top of the Ethereum blockchain and the firm generates its monetary income by partnering with various financial institutions as well as government agencies.