Several industries across the globe have leaped into the future with accepting and incorporating blockchain technology in their ecosystems. And the automotive industry of the United States has stepped into the blockchain realm as well, with their automotive giant General Motors (GM).
The automotive company that has experimented previously with the blockchain technology as well, will finally be joining the Spring Founding Industry Partners (SPIF) Program that launched back in January.
According to the press release published on Feb. 11, GM has become the latest member to join the partner project of the blockchain startup Spring Labs, in order to improve data security. The project till now has 20 participants and aims to bring up and tackle issues in data provenance through collaborative research. Spring Labs is planning on launching its first related products later in 2019.
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, in the press release.
The Spring Labs’ CEO Adam Jiwan, according to Forbes, suggested that if this project with General Motors proves to be fruitful, then further participation could extend to GM’s operations more widely.
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 blockchain technology seems to have piqued the interest of General Motors in recent years, as the company has been taking part in blockchain development increasingly. In fact, back in 2017, GM Financial became one of the earliest members of Hyperledger, an open-source enterprise blockchain project that has since accrued various well-known names. Hyperledger currently provides the technology behind IBM’s blockchain platform.
Stay tuned to BlockPublisher for further details on blockchain endeavors.