Why DCC and Bloom Might Be Competing with Wall Street

DCC and Bloom are developing blockchains with purpose to empower individuals with the right to use their credit. Can they compete with Wall Street?

Financial inclusivity is a term echoed among several governments, and continues to be a topic of discussion within the United Nations. At DCC, we share a vision with Bloom to transform the traditional credit platforms we have access to.

This article will present information on the work that both of us are doing, and why we might soon be competing with Wall Street.

Why read this article?

We know we can’t be the only ones in this credit journey: the one that works to bring financial inclusivity through the use of blockchain technology. So that’s why we believe it’s important to showcase champions within the industry, and give an in-depth analysis of the transformations we intend to bring to the finance industry.

Bloom: building a credit center

Aiming to achieve inclusive credit, Bloom intends to construct a distributed credit score system with 3 key components:

Source: bloom.co BloomID, an account management system; BloomIQ, a credit history management system; BloomScore, a credit rating system.

BloomID

BloomID stores the credit scores of a user. Once there has been a third-party verification to authenticate a user, it will encrypt and store the user’s data on IPFS, and link it with their BloomID. In the future, the data can be transmitted and verified by transmission of URI. A P2P mutual-verification network will connect individual users, and Bloom will calculate a peerScore to evaluate each one

BloomIQ

BloomIQ processes credit information. It stores credit data, maintains the URI and peerScore. This process forms a comprehensive database of credit history.

BloomScore

BloomScore is the final output data to the user. When the BloomScore cannot fulfill all the requireme...