General Motors Ventures investment section has agreed to collaborate with a blockchain startup to work on a protocol and also develop a fraud protection system for the auto financing sector. General Motors (GM) will put much attention, knowledge and money to invest in this project, so as it can reach to its fruition.
The project will be implemented in cooperation with the Spring Lab startup. It is devoted to help to develop products using distributed ledger technology that has the potential to verify, protect and defend users. In fact, they are being developed to expedite and secure identity authentication, fraud management and loan stacking deterrence.
There are other companies that are willing to see the growth of blockchain and also have this project completed in time. The companies have shown their financial support to GM, and these companies include Galaxy Digital, August Capital, The Pritzker group, Multicoin Capital, RRE Venture and CardWorks.
The entrance of GM into the distributed ledger will enable fast-track the creation of new products that will bring a positive change to this nascent technology. GM Financial has expressed its commitment and zeal to innovation and cooperation since 2018, and has played a big part in the evaluation of products and applications of the technology.
According to the company’s chief strategy officer, Mike Kanario, they are enthusiastic to deepen its potential in the world of technology, and they want to start launching new blockchain-related products to effectively protect users from fraudulent activity.
It seems the automotive sector has started discovering the potential of distributed ledger, recently, a blockchain digital dossier was introduced that makes it easy for people to verify the life cycle of their vehicles, securely track their cars, using their smartphones. All these innovative initiatives coming up now will largely benefit the automotive industry. Actually, the blockchain is expected to be a disruptive force in auto industry.