The financial branch of General Motors has announced a partnership with Spring Labs to incorporate blockchain technology, thus marking the adherence of yet another giant to the bourgeoning space of peer to peer decentralization.
General Motors' blockchain use case
A February 11 press release from AP News showed General Motors Financial Company Inc. (GM Financial) joining Spring Labs' SFIP initiative. Spring Founding Industry Partners, or SFIP for short, reportedly looks to advance information storage and usage to cut down on auto sector problems, such as identity authentication and fraud.
GM Financial's Chief Strategy Officer Mike Kanarios mentioned the importance of customer safety, as quoted in the press release. “As the captive finance arm for General Motors and one of the world’s largest auto finance providers, we are continually innovating and evolving our fraud prevention and detection capabilities to better serve and protect our customers and dealers,” he said.
Kanarios continued, “[t]oday’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.”
Spring Labs, according to its website, is constructing a "decentralized network for identity and credit," which improves transparency, security and efficiency. Spring Labs system includes a "dual-layer blockchain" for scalability and a "general-use protocol" for a variety of applications.
With the help of many different players, SFIP reportedly looks to advance and apply Spring Labs' Spring Protocol blockchain network to improve data management for various use cases, according to the press release.
Optimistic on the collaboration, Spring Labs CEO Adam Jiwan said, “[w]e are excited to partner with GM Financial to create solutions on our developing network to address vexing economic problems such as identity fraud.”
Blockchain taking the mainstream by storm
In the middle of a bear market, or in the very least, an indecisive market, bitcoin currently sits at roughly $3,664 on CoinMarketCap at the time of this writing. The king of cryptocurrencies has sustained a dramatic fall in price over the course of 2018. Although, despite such negative price action, companies still investigated and incorporated blockchain technology.
GM Financial joins a considerable list of other mainstream giants that have recently turned to blockchain tech. In a recent article, Crypto Insider noted Walmart's blockchain interest. Walmart reportedly plans to employ the technology to track vegetables, ultimately cutting down on food fraud and waste.
NASA has even looked into blockchain technology and its uses, as reported an article from CoinDesk.
According to a September 2018 article from Crypto Briefing, with information from PwC's 2018 Global Blockchain Survey, "84% of companies are ‘actively involved’ in blockchain systems development."
Originally posted on Crypto Insider : https://cryptoinsider.com/general-motors-adds-blockchain-with-spring-labs-collaboration/