General Motors Financial, the financing arm of the automaking giant, is partnering with blockchain startup Spring Labs on solutions for identity verification. According to the company’s February 11 press release, the partnership will help GM drive improved data management standards to help address critical issues in the auto finance industry.
The Spring Founding Industry Partners (SPIF) Program launched in January this year, and already has almost 20 participants working together on addressing issues in data provenance. Some of the fintech companies that have joined the program are SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Fundation, Upgrade, Fundbox, and Better Mortgage.
The program’s co-founder and CEO Adam Jiwan said that the blockchain network Spring Labs is working on at the moment will be available in private beta for the partners inQ3, and the live network is scheduled to launch in early 2020.
According to GM’s press release, the Spring Labs network is designed to transform how information and data are shared globally. The company is reportedly working on exploring the development of auto finance and GM specific use cases, in addition to the identity verification products being developed.