Blockchain Startup Bloom Partners With TransUnion To Offer Credit Monitoring
Playing the Long Game
Despite putting the free identity and credit monitoring features at the forefront, Bloom’s long-term vision is to have as many people as it can across the world to establish their identity on its network, which is built on the ethereum blockchain. The company regards consumers in emerging markets as its primary targets and Leimgruber said the company has been engaging governments in these markets to adopt the Bloom ID.
“For us, the big win, would be taking countries who have weak identity systems — a lot of Asia, Africa and South America — and be able to roll out a secure identity system that works for them,” Leimgruber said. “U.S. isn’t our no. 1 market. These other countries are far more impactful.”
Bloom monetizes its platform primarily by working with governments and financial institutions to adopt its ID system, according to Leimgruber.
Stern competition awaits, however. Global technology company Microsoft
Editor’s Note: This article has been updated to clarify that Bloom is not putting credit data from TransUnion on any blockchain network.
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