Bloom is a leading security solution platform that use Blockchain technology to offer lending and identity security services. This platform is announcing the rollout of its new platform codenamed as Bloom Radar.
Bloom Radar aims to offer a web data monitoring service that is critical for scanning data breaches on personal devices. It notifies customers when there is compromised data or unauthorized access in real time. The new solution is set to offer free services and this ensures that Bloom is the best company that is committed to protecting public data.
Bloom Radar Gives Users Control Over Their Data
Control of personal data is becoming a critical issue for most web users. Many laws such as the GDPR have been enacted to enforce data handling and usage by custodians. However, this is at industry-level and there remains a black spot area for personal data security services but Bloom is stepping in to fill the gap.
The new application intends to empower data owners to have full control over their data. Bloom Radar is also set to help in the reduction of the growing menace of identity theft that is turning out to be a social catastrophe.
Real-Time Hack Attempt Alerts
To access this service, individuals will need to sign up on Bloom and to get an ID. The system is designed to alert a data owner immediately their information has been exposed to third parties.
Additionally, companies will also be able to sign up and be issued with a BloomID that can then be integrated on the Bloom Blockchain to protect their client’s data from leaks. Further, the system will give the owners of the personal data the opportunity to store and share their own data.
Data Theft Is A Big Concern
Reports of Facebook and Cambridge Analytica misuse of data for political reasons made rounds in global headlines. This and many other scams brought into attention the need for industry-level practices that guarantee data security and ownership.
For example, over 2.6 billion records were hacked in data breaches and identity theft crimes in 2018. In 2017, data hackers stole the identity of 16.7 million victims costing them losses amounting to $16.8 billion in financial damages. Most of the stolen data were reported to have been sold in the dark web for billions of dollars.
Bloom Guarantees Data Transparency
The Co-Founder of Bloom, Jesse Leimgruber, adds that Bloom is dedicated to ensuring that people are empowered financially through data security services. He talks about financial security in the context of credit transactions where identity theft often results in financial implications as hackers often use stolen data to take loans and credits. Therefore, it is evident that personal data security has far-reaching benefits.
Bloom Uses Blockchain To Protect Data
Bloom is an Ethereum-based platform that offers cross-border credit scoring as well as identity security. The company aims to restore control and ownership of data to owners. DLT decentralizes how data is shared among untrusted parties which reduces hacking risks as well as fraud prevention, compliance, customer onboarding, and other related costs.
Bloom application is available on app stores for both iOS and Android. So far, there are 250,000 users.