General Motors (GM) Taps Blockchain To Prevent Identity Theft

In the crypto news today, we have General Motors Financial which is the daughter company of General Motors (GM), the biggest US automaker out there – with plans on tapping blockchain in order to reduce identity theft.

This move could potentially save the car maker millions of dollars in fraud costs. As previously reported, 95% of the carmakers expect to use blockchain technology in the next three years but GM is leading the herd.

The partnership will also see GM financial, which is a finance branch of General Motors, join the Spring Labs’ Spring Founding Industry Partners Program – as an initiative that is designed to advance the role of blockchain in data sharing.
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This is a major confirmation towards real-world adoption of blockchain technology.

Very excited to officially unveil our partnership with @gmfinancial, one of the largest global providers of auto financing with operations in North America, South America, and Asia. https://t.co/DQ3HPpslXf

— Spring Labs (@SpringLabsMain) February 11, 2019

The chief financial strategy officer at GM, Mike Kanarios, spoke to Forbes and shared his beliefs that blockchain technology could deliver a “better, faster and cheaper” system in order to identify fraud.

GM Financial is right now fighting a huge battle – named synthetic identity fraud. This is according to many the fastest growing form of identity theft in the US and a process where various parts of people’s stolen data create new identities.

“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.” GM Financial Chief Strategy Officer Mike Kanarios concluded.