General Motors joins Blockchain startup Spring Labs’ partner project to enhance data security

United States automotive giant General Motors (GM) has become the latest member to join blockchain startup Spring Labs’ partner project to enhance data security, the company confirmed in a press release Feb. 11.

GM, which has experimented with the technology before, will join the Spring Founding Industry Partners (SPIF) Program, which launched in January.

Now with almost 20 participants, the scheme aims to address issues in data provenance through collaborative research.

Spring Labs plans to release its first related products this year.

“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,” said Mike Kanarios, chief strategy officer at GM Financial commented in the press release.

Quoted by Forbes, Spring Labs’ CEO Adam Jiwan suggested that if successful, further participation could extend to GM’s operations more widely.

Jiwan explained:

“We came together with the view that we could develop a series of use cases that would match some of [GM Financial’s] core business priorities as a lender, or potentially [those of] GM as a parent company.”

The press release also notes that GM Financial is the first to join SPIF.

Also read: IBM has released its Blockchain main net out of its data center located in Melbourne, Australia

Source: https://cointelegraph.com/news/general-motors-finance-arm-joins-blockchain-data-security-initiative