The app allows consumers to create and build a blockchain-based identity profile, while improving consumer data security. The first version of the Bloom app notifies users if their information has been leaked in any data breach. To achieve this, Blooms employs an identity monitoring tool that scans the internet, including the dark web, to see if user data has been leaked in a breach. Bloom then notifies users whose information has been leaked and provides them steps they can take to secure themselves.
With the new version, users have access to a new free credit monitoring feature, which is currently only available in the US. US based users will be able to opt-in to Bloom credit monitoring and check their traditional credit bureau data, including credit scores, current loans, credit cards and monthly payment.
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 get globally to establish their identity on its network, which is built on the ethereum blockchain.
Bloom monetises its platform primarily by working with governments and financial institutions to adopt its ID system.