GM Financial, the finance arm of auto giant General Motors Spring, is partnering Spring Labs to use its blockchain-based network Spring Protocol to improve data security standards for the auto finance industry to prevent fraud. They will address issues such as identity verification and synthetic identity fraud.
The Blockchain network enables participants to exchange information among financial institutions without sharing underlying data, effectively decoupling data ownership from data value. This approach to information sharing leverages advanced cryptography and blockchain technology.
The use of Spring Protocol mitigates the need for data aggregators and allows network participants to exchange information securely and anonymously in a peer-to-peer fashion.
The SFIP program brings together financial institutions, data furnishers and technology partners to collaborate on research, development and implementation of Spring Protocol, prior to its public launch.
The program participants are collectively looking to create a secure and regulatory compliant way to leverage data to solve pressing problems related to ID verification and fraud within their respective sectors.
This collaboration is part of Spring Labs’ Spring Founding Industry Partners (SFIP) program, which was launched in mid-January in partnership with sixteen global fintech companies, including SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Fundation, Upgrade, Fundbox, and Better Mortgage.
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