Credit Scoring Platform Bloom Integrates with Decentralized Oracle Network Chainlink
Blockchain-based secure identity and credit score company Bloom has integrated with Chainlink, to bridge the gap between traditional and decentralized finance. In an official tweet, Chainlink stated that the integration will now allow DeFi apps to access Bloom’s verifiable credential data, such as credit history and accreditation sourced from traditional bureaus.
.@Bloom's Verifiable Credential data will be accessible to #DeFi applications through Chainlink oracles. This gives Dapps (lending protocols) access to valuable #identity data such as credit history & accreditation sourced from traditional credit bureaus. https://t.co/2bJ6iLVaeO
— Chainlink – Official Channel (@chainlink) April 21, 2020
In a blog post on their official website, Bloom stated that the intention behind the integration was to expand the potential usage of the ‘Verifiable Credential’ by making it accessible to DeFi applications via Chainlink. It further added,
Bloom extracts anonymized creditworthiness data and associates it with an Ethereum address provided by the user. This address and creditworthiness data pair is cached until it is transmitted on-chain by a decentralized network of Chainlink oracles, which use computational redundancy to ensure the oracle’s security. The data is then available to be consumed by any on-chain lending marketplace, such as for accreditation, credit history, and more.
Chainlink is a decentralized Oracle network that allows decentralized finance applications to securely access off-chain data feeds, APIs, and traditional bank payments. In short, it makes traditional and decentralized finance systems to seamlessly integrate with each other. It provides secure oracles to giants like Google, Oracle, and SWIFT, as well as to leading decentralized projects like Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Conflux, etc.
On the other hand, Bloom is a blockchain based credit score solutions platform, which empowers consumers with ownership of their identity and financial data.