How One Blockchain Startup Is Combatting Centralization of the Credit Industry
Startup company Bloom seeks to take advantage of blockchain technology’s perks to create a platform where the participants will have global access to credit services.
According to Bloom, the traditional methods of credit checking leaves billions of people without basic credit services. The stats of the company show that fewer than 9 percent of the citizens in developing countries have ever taken a loan from a financial institution. The lack of access to credit services forces numerous people to take loans from the shady underworld of illegal lending, the company states. Bloom believes that, no matter the country or the region, access to credit “is a fundamental cornerstone of social mobility” since it is the key for individuals to reach their economic goals.
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