Everex has reached a preliminary agreement on a partnership with Bloom, a decentralized credit scoring application based on Ethereum and IPFS. The goal is to establish a distributed system of assessing creditworthiness and verifying identity.
Everex will work with Bloom as blockchain payment data provider by supplying information to Bloom’s credit scoring system, BloomIQ, in the form of tokencash transaction data. Such information is gathered from money transfers, payments, currency exchange and loans made over the Ethereum blockchain. Everex systems will also integrate BloomScore, Bloom’s credit scoring algorithm. As a metric of a consumer’s creditworthiness, this decentralized score is like a FICO score, but in a modern, distributed model.
“We see many synergies between Bloom and Everex,” notes Everex CEO Alexi Lane. “We will begin moving forward with placing credit scoring processes onto the Ethereum blockchain with the help of BloomIQ and BloomScore. Everex’s stable fiat pegged tokencash is the essence of our technology and will provide sufficient financial and personal data to ensure accurate risk assessment”.
BloomIQ will function as a credit registry for reporting and tracking current and historical debt obligations tied to a user’s BloomID. The system’s tracking mechanism requires each instance of payment data release to a 3rd party to be approved by the user, with a primary goal of allowing said user to import existing credit and pa history, thereby reducing the need for credit-established users to build up their credit quickly. Bloom and Everex will extract location information, contact information and more through a variety of means.
“Everex’s partnership with Bloom will help to transform credit scoring throughout the microlending process,” said Lane. “Both Bloom and Everex have noted how credit histories do not follow individuals across borders. Individuals must re-establish credit anew once they relocate. This won’t be true for long thanks to Ethereum technology, and projects such as Bloom and Everex are on the front lines.”
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