GM Financial Partners With Blockchain Startup to Fight Identity Fraud
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General Motors Financial, the financing arm of the automaker, has said that it has formed a partnership with startup Spring Labs to identify solutions for identity verification. GM is exploring the acquisition of a stake alongside other use cases.
“We are actively exploring the development of auto finance and GM specific use cases, in addition to the identity verification products being developed,” co-founder and CEO Adam Jiwan said via a spokesperson. He added that the blockchain network Spring Labs a working on at the moment will be available in private beta for the partners inQ3, and the live network is scheduled to launch in early 2020.
The Spring Foundation Industry Partners (“SFIP”) Program is designed to create a regulatory compliant solution for ID verification and to assist in preventing identity fraud. Spring Labs has recently announced signing up a number of fintech companies to be a part of their program, to include SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Fundation, Upgrade, Fundbox and Better Mortgage.
“Ultimately, this network is designed to transform how information and data are shared globally,” GM’s press release explained.
Spring Labs was founded in 2017 by the lending platform Avant. One of goals of Spring Labs is to create an environment where lenders, banks and data providers can exchange information without sharing underlying source data, with a special focus on identity information. We see a number of projects that are looking at better ways of sharing information today, as the failures with modern data systems are apparent in the number of data breaches that have occurred over the last handful of years. Projects like Spring Labs, Solid, Enigma and others have built entire business models around this need.
There are already a number of different industries which have already started using blockchain or are looking into the possibility of using blockchain. Cloud storage, art and ownership, anti-counterfeiting, governance, Internet of Things (IoT) and digital identity to name a few, are all ways of using blockchain to secure data, ownership rights and intellectual property rights.
A blockchain creates trust because a complete copy of the chain, showing every transaction, is held by the entire network. Attempts to cheat the system can easily be identified. In one sentence, a blockchain is an append-only database with transaction order, immutable data storage, secure time stamping and an ability to publicly audit.
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