This fascinating cryptocurrency project actually offers a safe and secure way to store identity information on the blockchain. Being able to reliably verify the identity of users is actually a large pain point for financial institutions.
This process is often very labor intensive, and it comes with a huge burden of responsibility to governments who place the need for these corporations to be more or less watchdogs for money laundering or other suspicious activity which could be criminal.
This system also provides massive boons for consumers. More and more people are becoming victims of identity theft every year. The software behind BLT’s system will not only allow for faster and more accurate verification of users, but it will also allow them to be in control of that data.
They will be able to apply for lines of credit, even across borders, without actually needing to hand that private information over to other parties. This provides a new layer of protection against fraud that will be unlike anything we have yet seen. If that sounds interesting to you, then you may be interested in making a Bloom investment.
Investors can buy Bloom on a good number of investments, including a few nice high volume options. There’s also excellent trading volume here, and you should have no trouble at all executing a trading. Unfortunately, the liquidity is not very evenly distributed between the trading pairs. Bitcoin seems to be holding a huge portion of this, and while you can attempt to make a trade using Ethereum, you likely will be paying a premium for the privilege.
This is an ERC20 token, and that means that investors in need of a safe place to keep their tokens will need to hunt down a compatible Ethereum wallet. The good news is that this is the most popular method of distributing tokens, and that means that there’s lots of options available which potential investors can use to store their investments safely. After choosing an appropriate wallet, be sure to write down your seed phrase, as this is the only way to restore access to your funds should your host device become compromised in some way.