Bloom Protocol is an end-to-end model system (Bloom Protocol) based entirely on the Ethereum blockchain, used for identity verification, risk assessment and credit scores. Baolan can use the decentralized technology platform system to improve the personal information collection and evaluation system, so that lenders of traditional currencies and digital currencies can provide effective services to billions of people who do not have bank accounts or lack credit scores.

Project Vision

Baolan aims to solve the five major shortcomings of today's global credit assessment system:
1. The risk of identity theft: During the credit process, the borrower must provide all personal information. This information is vulnerable to customer attacks and can easily be stolen by others once exposed to obtain illegal loans by fraud.
2. Limitations of credit scores that cannot cross the border: Currently, credit records are not connected between countries. After people move to a new country, they must build a new credit history from scratch.
3. The singularity of credit assessment methods: At present, most credit assessment systems rely too much on loan repayment history, which increases the difficulty of doing credit assessments for people who have never had loans.
4. Difficulty in scalability of credit assessment: In countries and regions with developed financial risk control systems, lenders do not have a sound identity verification and credit score database, making it difficult for borrowers to obtain loans.
5. Lack of competitiveness in the credit scoring system: the current highly centralized credit evaluation data. In most countries and regions, single or a few institutions are often responsible for providing credit assessments, which makes the credit risk assessment system not competitive.

Solution

Baolan can use the decentralized technology platform system to improve the personal information collection and evaluation system, so that lenders of traditional currencies and digital currencies can provide effective services to billions of people who have no bank accounts or lack credit scores before.
The Baolan technical system consists of three main parts: Baolan identity, Baolan IQ and Baolan score.
BloomID: A global alliance identity system. The system enables customers to verify personal identity and legal information that is publicly guaranteed by a separate third party.
BloomIQ: A reporting and tracking system. The system can record the current and past debt status of a person, and is connected to the Baolan identity system. It can be encrypted and stored in the InterPlanetary File System (IPFS).
BloomScore: A dynamic and inclusive indication system. The system can assess the possibility of each person's debt repayment based on changes in personal credit status. This system conducts data analysis and makes judgments based on the Baolan Identity System and the Baolan IQ System.

Project Function

1. Voting elections in technical systems:Bolan tokens have the function of voting tokens. As an electoral mechanism, it participates in improving the grading and calculation procedures of the Baolan scoring system. This mechanism enables the Baolan technology system to improve and maintain an effective credit assessment system as different user needs change.
2. Review Verification Party:Payment history providers and lenders need to provide materials to the Baolan ecosystem to prove their credibility, business model, and why their data should be included in the Baolan scoring system. These institutions will pay the application fee with Baolan tokens, and customers of the Baolan system will vote on the eligibility of these institutions and receive the application fee paid in part by these institutions.
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4. Invitation system:When the Baolan network system is in the early stage, there are not enough verification parties and are vulnerable to network attacks. In order to increase the resistance of the Baolan network system, customers need to pay some Baolan tokens as a deposit to use for customers to invite other customers to join the Baolan system.