We are extremely excited to announce that SpringRole will be partnering with Bloom, a decentralized credit scoring platform, to include SpringRole’s attestations as part of a user’s BloomID.
What is Bloom?
Bloom is a platform that brings credit scoring to the modern age. The Bloom team is developing an end-to-end protocol for identity verification, risk, and credit assessment, entirely on the blockchain.
Even though there have been various advances in our society in the fields of healthcare, education, and technology and we live in a far more peaceful world, we still fail to see any major improvement in the field of social mobility.
More than 3 billion of us are unable to access basic credit services, and fewer than 9% of citizens in developing economies have ever been able to get a loan from a financial institution — leading them to fall into the vicious circles of illegal lending. The reason that most of these people can’t get a loan is because of the fact that they are unable to verify themselves to financial institutions and lending agencies.
Bloom is a standardized and programmable ecosystem to facilitate on-demand, secure and global access to credit services. It offers solutions to cross-border credit scoring and identity fraud. Bloom shifts the dynamic of information provisioning. Instead of allowing a credit agency or bureau to capture and sell your personal information, Bloom puts the control of that information in the hands of the user, much like how SpringRole, being decentralized, puts the control of the user’s information into the user’s hands.
The Value of Employment Attestations
Employment data plays a critical role in the job application process. It also plays an extremely important role in the credit rating of an individual and goes a long way in judging his ability to pay back the loans he has taken.
Currently, it’s a very tedious process for employers and lending agencies to verify the employment details of an individual. To make matters worse, it was reported by HireRight that there was a 27% discrepancy rate in what was declared by employees in the USA —that is a big problem.
Employment verification involves looking through several employment databases, and if the details are not present in one, HR departments often have to manually call past employers, a process that may or may not yield them the results they desire and is time-consuming.
On top of that, the verification is not reusable. Employers have to essentially re-verify data that was previously verified by another employer in the past. Past employers have very little incentive to participate in this repetitive verification process, and hence, do not participate after a point.
SpringRole and Bloom
SpringRole’s attestations being included as part of a user’s BloomID will provide enormous benefits to users, as their employment details would be pre-verified through SpringRole’s system of attestations. It would help out in making it easier for their credit score to be calculated.
Employment verifications are a critical aspect of the Bloom ecosystem, and with SpringRole providing the verification data, Bloom will get another robust source of data that it can rely upon.
This will also be beneficial to the user, as it would negate the need to verify his employment details separately for his BloomID — the verification done on SpringRole will be used for Bloom as well. This means that lenders, employers and even other applications built on top of the Bloom Protocol will be able to access SpringRole attestations tied to a user’s BloomID.
As SpringRole grows to be a source of trusted information in an essentially trust less world, we hope such partnerships with valuable players in the blockchain space would help in taking decentralization to mainstream adoption.
Draft Whitepaper: here.