Equifax data breach opens up the door for blockchain and credit apps but that's the fundamental problem guys if we think even deeper isn't the whole credit the whole credit score idea isn't that broken a real innovation would be to say instead of using old broken technology like credit score why don't we fundamentally change the way we do work and remove credit scores altogether would that be too fundamental a shift I just don't think that that that making making credit scores better with blockchain is actually a better thing does that make sense as individuals continue to lose faith in Equifax and traditional credit tracking agencies a blockchain credit applications are proving to be far more attractive options
Within a still yet dysfunctional system why not just remove it altogether last week the massive consumer credit reporting agency Equifax announced that it's equally massive at 2017 a data breach was actually worse than everyone thought according to Equifax new estimations one one hundred and forty seven point nine million people that's over half the population of America and you might be saying what's the population of America 223 million people guys jeez have been affected by their failure to protect individuals information which is 2.4 million more than originally thought it's still a big deal a blotching based credit score applications like bloom are unsurprisingly stepping in to provide a safer alternative to Equifax still within a broken dysfunctional system and are proving themselves to be our attractive solutions
It's like a half step it's not a full step it's like a half step so bloom as much as we can give you credit for trying to do something good with the credit scores you're still working in a broken dysfunctional system bloom here's a here's a here's a question for you why not try to create an entirely new standard maybe even replacing credit scores with something better or just removing it all together
Bloom is an etherium based decentralization app commonly known as a DAP which purports to keep it into individuals personal data safe from data breaches thanks to the blockchains anonymous and private qualities and people are paying attention blooms official website went down yesterday and they went down they went down yesterday following Equifax his announcement as a wave of new users clamored to check out the competition
Still blooms total number of signups is still extremely low when compared to non a blockchain apps which is to be expected given the fact that blockchain technology is still so new in fact the app itself hasn't even been operational for two months good job bloom co-founder Ryan a favor told VentureBeat since the blockchain technology is so new there still exists quite a bit of technical friction to onboard users to the DAP you currently need to have meta Basques and a decent grip on how this emerging technology works looks like you guys need to work on better UI and UX to onboard people in an easier way we believe that we believe that we can be the biggest debt by the end of 2018 Oh shots fired across the boundaries bloom could be the best adapt of 2018
Bloom is particularly attractive when compared to a traditional organization is like Equifax because affords both traditional and digital currency lenders the ability to work with virtually anyone including those who can't keep a credit score or prefer to keep their financial data out of the hands of unsecured organizations like Equifax full transparency I've locked all my credit guys all my credit has been locked no one can do any fraud on me because I have to pay with everything in cash no more credit for me guys
Furthermore unlike Equifax a Bloom lets users create a Bloom ID which acts as a global identity which can be publicly verified by third parties meanwhile Bloom IQ keeps track and reports users current and past debt by encrypting and storing information on the IPFS finally there's a Bloom score which acts just like any other credit score and illustrates how reliable a user is when it comes to debt repayment see that's what I'm talking about maybe I jumped the gun a little bit guys Bloom score better than credit score could be if the adoption kicks in with data breaches like Equifax posing some serious cause for concern expect to see the blockchain bully its way into the field of a credit reporting
So I'm going to throw this right back to you guys in the bitcoin dot pub what do you guys think about bloom and bloom a score maybe I spoke a little too soon about it but maybe they're trying to create something even newer and better than a credit score the real question here is will they have the adoption necessary hit some sort of financial level in which they can continue to expand let me know in the comment section below why you are interested in bloom could this be the next big DAP of 2018 as the CEO says let me know in the pub or the comment section below and smash the like button for no debt meaning if you have zero debt then you don't even need a credit score and if you're responsible individual then you would never buy on credit anyway right
