Bloom is a standardized, programmable ecosystem to facilitate on-demand, secure, and global access to credit services. Bloom presents a novel approach to credit risk assessment allowing both traditional fiat lenders and digital asset lenders to issue compliant loans on the blockchain while increasing competition to lower fees and improve borrower experience at every layer of the credit issuance process.

The Bloom protocol presents solutions to the following problems:

1. Cross-Border Credit Scoring: Credit histories are not portable across countries, forcing individuals to re-establish their credit track records from scratch when they relocate.
2. Backward-Looking Creditworthiness Assessment: Credit systems rely on historical debt repayment information and therefore cannot easily accommodate users who are new to credit. This is especially prevalent among minorities, the underbanked, and the youth.
3. Lenders Have Limited Ability to Expand and Offer Loans Globally: Borrowers in markets with less developed financial and regulatory infrastructure
   struggle to access credit as lenders have limited identity and scoring data to base credit decisions.
4. High Risk of Identity Theft: Borrowers must expose all of their personal information when applying for a loan - the same info an attacker can use to
   open new lines of credit.
5. Uncompetitive Credit Scoring Ecosystem: Credit data is centralized. In most markets, a single provider scores credit, resulting in an uncompetitive
   ecosystem for evaluating credit risk. FICO was checked on 90% of all U.S. Loans.