There is a bright future ahead for blockchain technology in the financial sector. It remains to be seen how different companies plan to tackle this industry in the future, though. The opportunities are virtually limitless in this regard. Bloom aims to create a robust credit infrastructure on the blockchain. Especially crypto lending is of great interest to them. This explains why the company decided to partner with ETHLend for this specific purpose.

Companies such as Bloom are well worth keeping an eye on. Their focus on blockchain technology and crypto lending should not be overlooked whatsoever. It will be difficult to gain any traction in this industry without key partnerships. Tapping ETHLend for this particular venture is a smart business decision, to say the least. After all, ETHLend is the first decentralized P2P lending platform to be available to users worldwide.

A Major Partnership for ETHLend

More specifically, the latter company launched in May of 2017. Their decentralized lending application runs on top of the Ethereum blockchain. Anyone can participate in this liquid lending market using cryptocurrencies and ERC20 tokens alike. This should result in competitive financing from lenders all over the globe. It is evident this service is of great interest to Bloom. No one can deny the blockchain may address some issues with the credit system in place today.

Bloom aims to address all of these issues using some innovative technology. Their protocol revolves around securely accessing credit risk without exposing too much data. This is done through thorough identity verification and using peer-to-peer creditworthiness vouching. This service, combined with ETHLend’s business model, can yield some very interesting results in the future. Reputation is key in the ending business, that much is certain.

Leveraging BloomIQ and BloomID will elevate ETHLend to a whole new level. It should result in higher payback rates of issued loans. In the long run, the world will be introduced to a decentralized credit rating. That will be a major development for the financial sector. While this partnership is pretty interesting, it is only the first step. The agreement benefits both Bloom and ETHLend users alike. It will be interesting to see if this new venture brings more confidence to crypto lending as a whole.

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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