More exciting news here at RCN! We are really happy to announce our new partnership with Bloom. An end-to-end protocol for identity attestation, risk assessment and credit scoring, Bloom will enable RCN Network wallet agents to get relevant and accurate information to identify and score customers for a seamlessly loan origination process.

Through Bloom´s protocol, wallets and other third parties that get integrated into the RCN network, will be able to assess their customers’ identities and credit scores securely using Bloom’s technology. Wallets that also act as credit exchanges will be able to verify lenders’ identities as well. In particular, by leveraging BloomID and BloomIQ, companies providing services through RCN can improve enforceability and payback rate of loans by verifying a user’s identity and connecting their payback to a global reputation system.

In case you are wondering how this works, Bloom´s protocol includes the following three key components:

1 — BloomID, which lets users establish a global, federated identity with independent third parties who publicly vouch for their identity information and legal status.

2 — BloomScore, which provides a dynamic and inclusive indicator of an individual’s likelihood to pay debts that adapts to the maturity of a user’s credit history.

3 — BloomIQ, for reporting and tracking current and historical debt obligations that are tied to a user’s BloomID.

Let’s go over an example that shows how these two technologies work together and make the identity verification and credit score assessment process much easier.

Use Case: Easy Scoring & ID Verification for Third Parties

1. Alice asks for a loan through a third-party wallet that’s already integrated and using RCN’s protocol.

2. Bloom verifies Alice’s identity and credit score.

3. The Wallet cosigner who acts as an insurer in case of default determines (based on this information provided by Bloom at the assessment) the terms of Alice’s loan request and broadcasts it to the credit exchange.

4. Bob checks Alice’s request at the credit exchange and fills it out. Wallet receives the loan amount from Bob (equivalent in RCN tokens) and Alice gets the loan.

5. Bob collects Alice’s debt through the credit exchange and wallet flow.

“I am particularly excited about the ability for Bloom to integrate with RCN Network. Bloom acts as a decentralized credit bureau. We have a mutually beneficial relationship with lenders and credit protocols. As our system provides creditworthiness data and decentralized accountability, we can integrate with lenders, expanding the global reach of decentralized lending” said Shannon Wu from Bloom.

“RCN was designed to allow the participation of several agents in the network. We love decentralization and Bloom fits perfectly as an strategic partner to bring reliability, scoring and ID verification for all wallet providers and credit exchanges that bring lenders and borrowers to our networks” stated David Garcia, managing director of RCN.

Exciting times ahead for sure during 2018 for RCN. Stay tuned.