Etymology
Maximilian Lambertz suggested that the word derived from Italian bailo, the title of the Venetian ambassador to the Ottomans.
Literally, the word seems to have originated from the Albanian blozë(soot), referring to baloz's armour color, or maybe from Turkish word "balyoz" meaning "hammer", maybe due to the hammers of war the baloz carried.
Folklore
Baloz (as a character) has been found in many Albanian myths and legends about fighting against the Albanian nobles such as: Muji, Halili, Gjergj Elez Alia and Constantin. The monster is found in the Albanian Songs of the Frontier Warriors.
Detailed descriptions have been found in a collection of Albanian myths named Ancient Albanian Tales (Albanian: Tregime të Moçme Shqiptare) collected and rewritten by Dhimitër Pasko.
Baloz Sedelija was a Slavic warrior in Albanian folklore. Another character was Baloz(i) i Zi.