SAN FRANCISCO, Jan. 29, 2019 /PRNewswire-PRWeb/ -- With over 2.6 billion records exposed last year, 2018 marked a high water point for data breaches and leaks as corporations and agencies failed to adequately protect and safeguard the personal and financial information of millions worldwide. In the wake of an increasing number of hacks, data breaches, and government regulations, users are facing growing concerns about the ownership and sale of their personal data.
Bloom enables users to take back their data through a cryptographically-secured identity, BloomID. The demand for a secure global identity system has driven major corporations and individuals to adopt BloomID, which launched just over a year ago. Since the launch, over 100,000 users downloaded and installed Bloom's identity management app, with record growth in Q4.
Decentralized Identity is a new type of identity and data architecture where the user controls access. This prevents companies from selling personal information, reduces the risk of data breaches, and expands access to global financial services.
Bloom's iOS app was first launched on September 24, 2018 to an initial upswell of users. Since then, Bloom's maintained a pace of record signups at an increasing scale.
"100,000 users is a great milestone, far surpassing our projected goals. This makes us the largest decentralized identity management system in the world, and potentially the largest mainstream consumer app using Blockchain technology" said Bloom co-founder Ryan Faber.
In the last few months, IBM, Microsoft, and dozens of startups of entered the decentralized identity race. Despite this, decentralized identity requires much more than a simple product launch. The identity ecosystem must be robust with a strong developer experience to support mainstream adoption.
Given the scale and reach of the Bloom's 100,000+ users; dozens of lenders, data partners, and engineers are integrating the technology.
"We're seeing a huge uptick in the number of users and number of projects integrating Bloom. Dozens of developers have integrated Bloom's technology, countless lenders are already part of the network, and we're in live agreements with many of the biggest financial institutions around the world." said Bloom co-founder Jesse Leimgruber.
At this exponential pace, Bloom sees global mass adoption in the near future.
"We've been rapidly scaling up our team to support the influx of lenders and products working with us," said Leimgruber.
In 2018, Bloom launched a developer ecosystem, allowing any engineer to integrate Bloom's login and BloomID technology. Dozens of lenders are part of Bloom's lending marketplace. Attesters can reach out to Bloom to become data verifiers on the network, and anyone can download the Bloom iOS app from the app store.
"100,000 users is just the start, we're excited for the big year ahead," added Faber.
About Bloom
Bloom is a blockchain solution for identity security and cross-border credit scoring, restoring ownership and control of identity information and financial data back to consumers. By decentralizing the way that information is shared between untrusted parties, the system reduces risk of identity theft and minimizes costs associated with customer onboarding, compliance and fraud prevention.
SOURCE Bloom
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