GM Financial Partners with Blockchain to Prevent Identity Fraud

Copyright © Blockchain Council www.blockchain-council.org
GM Financial Partners with Blockchain to
Prevent identity Fraud
Technology has always led to innovation and transformation. At the same time, it
has laid the foundation stone for new developments. The Blockchain is the latest
buzz in the market. Irrespective of which business vertical you are talking about
Blockchain continues to rule every discussion. Blockchain’s earlier application was
limited to cryptocurrency exchange.
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However, it underwent a huge change since 2009, and now it finds application in
various domains like supply chain, retail management, academics, shipping
industry, and other areas. Digital identity is one area where companies are
aggressively working. Recently, GM Financial collaborated with Blockchain to cut
down identity fraud. Read ahead to know more on this.
3

Digital identity remains an area of concern for all companies. The evolution of the
era of the internet has made the digital world prominent. The growing inclination of
people for the world of internet has made it mandatory that the service providers
should have systems in place that can ensure the safety of the data.
4

We have often seen cases of hacking, altering the data and information in the
digital world. All this boils down to the fact that we must have a fullproof
technology that can help in the security of digital identity. Blockchain happens to
provide a solution.
5

What Is Blockchain?
It is a distributed ledger technology where information is spread in the entire
network. It makes use of decentralized platform aiding peer-to-peer interaction.
This reduces the need for third-party, and at the same time, it also allows only the
allowed members to participate
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Furthermore, the technology allows data storage in chronology. Time-stamping
ensures that the data is easy to track. One can quickly figure out any change or
alteration. All these features make Blockchain an elixir that can cure the current
problems which the system is facing.
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GM Financial move in Blockchain
We have seen that many companies have shown their inclination towards the use
of Blockchain technology. They are trying to integrate this technology with their
business operations. The objective is to create a system which is transparent, safe
and promotes data security. Moreover, cost-efficiency and lesser time
consumption is another factor that makes Blockchain so popular.
8

Companies like Microsoft, IBM, WWF Australia, Apple, Facebook, etc. are working
on exploring different avenues of application of Blockchain technology.
GM Financial's is yet another name in the list. The company has announced
integration with Blockchain technology to prevent digital identity fraud.
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GM Financial of General Motors Financial is the financial wing of the automaking
biggie, General Motors. The company has decided to collaborate with Spring Labs
which is a Blockchain startup. This company provides a solution for identity
verification. This move will help the company ensure the security of identity of its
clients, and at the same time, it will enhance the trust level in the system.
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A Bit About Spring Labs
Spring Labs is a Blockchain startup that provides identity solutions. The company
started in 2017 along with leading companies like Avant. It works on
Blockchain-based network which allows banks, and data providers to exchange
information without underlying the source data. It thus ensures data safety and
security.
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GM Financial's aims at using this solution and merges it with its current business
format. The Spring Founding Industry Partners Programs aim at formulation a
regulatory solution which will work for ID verification and preventing identity fraud.
The company has also rendered its solution some of the fintech firms like Avant,
SoFi, Capital, OnDeck, Avant, BlueVine, Fundbox, Better, etc.This program aims
to create a platform where information is safe and at the same time can be easily
exchanged globally.
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Conclusion
Recently many fintech firms have shown their inclination towards DLT and have
tried to come up with a solution based on Blockchain. The aim is to create a safe
ecosystem where consumers/clients can easily interact without a threat to the
information.
The Blockchain is an excellent choice for those who are willing to have a secured
platform, but at the same time, we cannot ignore the fact that it is not a holy elixir
which will transform the business in a day. .
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The technology is at a nascent stage and is evolving every day. Today many
companies are integrating their services with Blockchain with an aim to provide an
efficient and cost-effective platform of data exchange while ensuring data security.
14

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space today.
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15

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GM Financial Partners with Blockchain to Prevent Identity Fraud

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GM Financial Partners with Blockchain to Prevent Identity Fraud