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GM Joins The Crusade Against Identity Fraud With Blockchain Firm

February 12, 2019 | Technology

General Motors Financial, the financing arm of the automaking giant stated that in order to find a solution to identity verification it would partner with blockchain startup Spring Labs.

According to a latest cryptocurrency news source, a spokesperson for Spring Labs stated that they are exploring the development of auto finance and GM specific use cases, in addition to the identity verification products being developed.

The spokesperson also highlighted that the blockchain network which is in the works for Spring Labs shall be available via a private beta for partners in Q3, with the launch of the live network expected to happen in early 2020.

The blockchain is the ideal weapon against identity fraud due to its decentralized nature. As a form of technology, it shall significantly help ameliorate upon an individual user or a firm’s privacy and security concerns.

Furthermore, a spokesperson for GM Financial highlighted that their partnership with Spring Labs was an assertion of their commitment towards advancing identity verification efforts.

On its part, Spring Labs endeavours towards creating a solution for ID verification and identity fraud prevention which is also regulatory compliant.

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