With the launch of Onramp, Bloom may be able to outrun hackers.
Bloom, a fast-growing identity verification and authentication service provider, has announced ambitions to remove hurdles that prohibit businesses and financial service providers from reaping the many benefits of their operations.
The Miami-based firm bills itself as a leading blockchain solution for digital identification and reusable, verified credentials (VCs). They’re also planning to release OnRamp, a potential anti-data-breach device.
Bloom is on a mission, according to its community, to prevent data breaches in a variety of businesses.
“Through a decentralized infrastructure that is private, safe, financially inclusive, and consumer-controlled, we are revolutionizing global identification and credit.”
Bloom’s aim is to give consumers and organizations around the world with improved data, identity authorization, and authentication.” The CEO, Jay Hensley, stated.
In actuality, Data Breach is without a doubt the most serious of the many problems that Covid-19 has brought to the realm of technology.
LinkedIn and Facebook recently suffered a major data breach, exposing over 350GB of sensitive information.
While big IT organizations usually recover, several mid-tech and startup companies are still dealing with the fallout from data breaches.
EtherDelta is another fantastic example in the crypto realm. In 2017, the DEX platform was hacked, and hackers obtained access to the site’s front end, defrauding users and stealing over $800,000. The founder was sacked by the SEC in 2018, and the project was on the verge of being shut down.
OnRamp allows businesses to securely obtain reusable, verifiable credentials (VCs) without forcing users to reveal sensitive information, reducing the risk of data leakage.
For businesses seeking KYC and AML compliance, Bloom’s new product also includes ID verification, sanction screening, and PEP screening. Other forms of identification include a phone number, an email address, and social media accounts such as Facebook, Google, Linkedin, and Twitter.
Bloom’s co-founder, Jesse Leimgruber, told Nasdaq Tv reporters that the company’s goal is to “bridge the gap in the identification and credit rating of customers, allowing them to be in full control of their financial accounts, personal data, and identity.”
“Well, there are a lot of issues with identity and credit score all across the world,” says the author. We saw what happened with the Equifax incident, when the identities of hundreds of millions of Americans were published all over the world.
Isn’t it true that many people can’t open bank accounts because they don’t have government-issued identification? The situation is only getting worse. Consumers have less and less control over their personal information than ever before. So we began to construct. The Washington Newsday Brief News is a daily newspaper published in Washington, D.C.