Bloom is an end-to-end model system (Bloom Protocol) completely based on the Ethereum blockchain for identity verification, risk assessment and credit scoring. Baolan can use the decentralized technology platform system to improve the personal information collection and evaluation system, so that lenders of traditional currency and digital currency can provide effective services to billions of people who currently do not have bank accounts or lack credit scores.

Project Vision

Baolan aims to solve the five major deficiencies of today's global credit evaluation system:
1. High risk of identity theft: During the credit process, borrowers must provide all personal information. This information is vulnerable to hackers, and once exposed, it can be easily stolen by others to obtain illegal loans by fraud.
2. Limitations that credit scores cannot cross borders: Currently, credit records are not communicated between countries. When people move to a new country, they must build a new credit history from scratch.
3. The singleness of credit evaluation methods: At present, most credit evaluation systems rely too much on loan repayment history, which increases the difficulty of credit evaluation for people who have never had a loan .
4. Difficult scalability of credit evaluation: In countries and regions with advanced financial risk control systems, lenders do not have a sound identity verification and credit scoring database, making it difficult for borrowers to obtain loans.
5. Lack of competition in the credit scoring system: the current credit evaluation data is highly centralized. In most countries and regions, a single or a few institutions are responsible for providing credit evaluation, making the credit risk evaluation system uncompetitive.

Solution

Baolan can use the decentralized technology platform system to improve the personal information collection and evaluation system, so that traditional currency and digital currency lenders have no bank accounts or lack of credit Provide effective services to billions of people who score.
Biolan technology system consists of three main parts: Biolan Identity, Biolan IQ and Biolan Score.
BloomID: A Global Alliance Identity System. The system enables customers to verify personally identifiable and legal information that is publicly vouched by an independent third party.
BloomIQ: A reporting and tracking system. The system can record the individual's current and past debt status, and is connected to the Baolan identity system, encrypted and stored in the InterPlanetary File System (IPFS).
BloomScore: A dynamic and inclusive indicator system. The system can assess the possibility of each individual's debt repayment based on changes in the individual's credit status. The system analyzes data and makes judgments based on the Baolan identity system and Baolan IQ system.

Project function

1. Voting of technical system: Baolan token has the function of voting token. Participate in improving the grading and calculation procedures of the Bioglan Scoring System as an election mechanism. This mechanism enables Baolan technology system to improve and maintain an effective credit evaluation system as the needs of users change.
2. Review and verification parties: Payment history providers and lenders need to provide materials to the Baolan ecosystem to prove their credibility, business model, and why their data should be included Enter the Baolan scoring system. These institutions will use Biolan tokens to pay application fees, and clients of the Biolan system will vote on the eligibility of these institutions and receive part of the application fees paid by these institutions.
3. Network Currency: The Baolan network system will set a price and charge a certain Baolan token as a service fee for identity verification and risk assessment.
4. Invitation system: When the Baolan network system was in its initial stage, there were not enough validators, and it was vulnerable to network attacks. In order to increase the resistance of the Baolan network system, customers need to pay some Baolan tokens as a deposit, which is used by customers to invite other customers to join the Baolan system.

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