Blockchain technology has been invented not for any specific execution, but now is taking a vast range of fields under its roof. General Motors, which previously has been involved in the blockchain projects is all set to explore the potential of the blockchain, yet again.
A branch of General Motors, GM Financial has declared that it is stepping into a collaboration with blockchain startup Spring Labs. GM Financial provides services such as leasing, financing and lending products to GM customers and dealers. The Financial giant has plans to build and develop its blockchain products. As a result, it has teamed up with Spring labs. Spring labs is a blockchain firm found in 2017, which raised $15 million in a seed round last spring. In the partnership, the first blockchain product of the auto lender firm is expected to be ready to go live in the first half of 2019.
Moreover, Spring Labs CEO Adam Jiwan talked about its recent partnership with GM Financial, saying,
“We came together with the view that we could develop a series of use cases that would match some of [GM Financial’s] core business priorities as a lender, or potentially [those of] GM as a parent company.”
With this partnership, GM Financial wants to drive improved data management standards to address critical auto finance industry problems like identity verification and synthetic identity fraud.
Also, Mike Kanarios, Chief Strategy Officer at GM Financial noted,
“Today’s announcement underscores our commitment and investment to advance these efforts, and we are pleased to collaborate with Spring Labs as a member of the SFIP program.”
According to him, Spring Labs is firm with ‘the most momentum in this space.’ Before this, GM Financial has worked with Hyperledger in 2017. Hyperledger operates to build open-source blockchain technologies for businesses like IBM, J.P. Morgan, and FedEx.
GM Financial – Spring Labs team will develop a protocol designed to enable companies to securely exchange and verify sensitive data, like a customer’s credit history. The purpose of making this is to share such information without compromising on the privacy factor. The protocol will also be capable to identify fraudulent actors and combat synthetic identity fraud.