all right hello everybody my name is
Jesse I am the founder of bloom and we
are a decentralized identity and credit
scoring protocol and today I'm here to
talk about something that most you guys
probably already know which is that the
entire history of you is being sold
there are thousands of computers tens of
thousands of companies that are mining
your personal information pulling it up
and selling it in giant data centers
this happens continuously all day long
non-stop so in this five minute talk I'm
going to give you a brief overview of
how bad this problem actually is what
practical solutions blockchain brings to
actually address the problem that your
entire history is being sold and then
where we are today what companies are
currently adopting this and then what
technology is available to actually
address this problem so this is a
massive problem there are 10,000
companies in the United States alone
that are registered sellers of your
personal data that actually sell data to
the bureau's we're talking about your
bank statements utility bills your
identity documents your social security
information everything you do your
online patterns everything you do is
being masked and sold and it's not even
kept securely we've seen what happened
in the Equifax hack where they leaked
the data of over a hundred 50 million
Americans and the data leak problem is
only getting worse if you ask most
security experts they say if data is
stored in a central repository it's not
a matter of if it will get hacked it's a
matter of when it will get hacked and
that's exactly what we're seeing data
that is stored centrally is exposed and
the problem is getting worse no one is
immune even Facebook had a data leak
recently and it's not even that these
bureaus are bad at storing it
they are also bad at understanding it
the data problem has bias in China your
political affiliation influences your
credit score in the United States
whether you check your credit score
makes it go down and these things are
like mathematically proven not to matter
but it doesn't matter because central
companies are interpreting data
huge problem huge problem so obviously
the decentralized world presents a
solution so I talked about the failures
but where can blockchain help how can
blockchain stop this egregious misuse of
data well we are actually in a
remarkably lucky time period because GDP
are the European Data Act that kept that
makes it so that you can't store
personal information the California Data
Protection Act all of the Senate action
that's happening the global world the
fortune 500 nobody wants to be the next
Equifax they are actively pursuing
blockchain solutions today right now to
make sure that their data is kept
securely so here's a few principles one
users must own their data users need to
be the custodian of their own data if
the user owns the data the user can
decide how its shared that means local
device storage on blum we store the data
right on the user's local device there's
obviously other methods of doing this
ipfs or any sort of local storage can
accomplish the same feat limiting access
raw information is a killer limiting
access to raw information is a absolute
requirement of secure data sharing on
bloom we don't actually we have multiple
mechanisms to share data but the user is
responsible to trigger that sharing and
you don't need to share the full raw
information you can just share the fact
that you're over 21 or that your
passports been validated you don't
actually have to share the raw
information that's a series of miracle
proofs we make this easy if any of you
guys actually want to develop this this
is an open source protocol it's
obviously easy to get started we have a
builder so that you can actually build
the system to start integrating this
data reusability is another critical
component making the data reusable and
low cost reusability but then also
making it easy to get the data onto
users local device gamifying the
experience putting it in an app
experience we have over a hundred
thousand users thirty thousand on chain
users that have completed their data
onboarding so good UX is
working and then last where is the
future going you know we've seen
recently Tim Cook go on a tweet storm
about maintaining user's privacy and
maintaining data we see a lot of thought
leaders in this space and as I mentioned
fortune 500 are looking to adopt this
technology to day bloom's protocols open
source anyone can sell these deals but
we just signed a deal with a BMW to
actually implement blooms open-source
protocol in the BMW lending experience
for their 500,000 plus loans a year and
we actually I'm just announcing this now
but we also just signed a deal with
American Express in 17 countries to
implement blooms open source protocol to
actually apply for loans and validate
that information in more than 17
countries but it is not just bloom you
guys have the ability to sell these same
deals the time is now gdpr and
compliance has opened up the Gateway for
blockchain businesses to actually sell
into Fortune 500's we're not doing
anything special well but we have the
same access to the same tools that you
guys have and the regulatory environment
has paved the way to change the future
of data my name is Jessie again I'm the
founder of bloom we've been working on
this research for quite some time my
co-founders found at Stanford Bitcoin
group we studied computer science at
Stanford and we are really really big on
protecting user data maintaining user
privacy making that data reusable and
creating a future where your data is not
mined and salt where bloom thank you
guys
you