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The financial arm of the fourth largest car manufacturer in the world – General Motors, is partnering up with a blockchain firm Spring Labs to fight identity Fraud.

General Motors Forrays into Blockchain

According to an official press release published February 11th, the financial arm of General Motors is collaborating with blockchain firm Spring Labs to take part in the latter’s Spring Founding Industry Partners Program (SFIP).

The initiative is geared towards improving standards for data management. Per the release, GM aims to tackle issues such as identity verification, as well as synthetic identity fraud.

Speaking on the matter, Mike Kanarios, CFO at GM Financial said:

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. […] 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.

The SFIP program brings technology companies, financial institutions, and data firms together to collaborate on the development and implementation of the Spring Protocol – Spring Labs’ blockchain network.

Diving Deeper

This is not the first advance of General Motors in the space of blockchain technologies. In May 2018, the Mobility Open Blockchain Initiative (MOBI) announced its founding members, present among which are BMW, Ford, General Motors, and Renault.

Other major corporations in MOBI include IBM and Accenture, as well as car-parts manufacturers such as ZF and Bosch.

MOBI is geared towards creating common standards, as well as APIs which will enable the payments and data-sharing between cars. It’s intended to be in service of providing an entirely digital mobility ecosystem, which includes self-driving vehicles, ride-sharing, and everything in association.

What are your thoughts on General Motors Financial joining the SFIP program? Share your thoughts down below!

Cover photo by GoodFreePhotos