The blockchain network Spring Labs raises a $23 million to implement Blockchain based Anti Fraud Products with the help of General Motors. The fund will also help develop the formers’ blockchain platform Spring Protocol.
The new anti-fraud products of Spring Labs are Spring Verify, Spring Defense, and Spring Protect. They will perform ID verification, fraud monitoring/mitigation, and loan stacking prevention respectively. The initial purpose of the Spring Protocol will be small business lending, credit card issuance, and secured auto lending. Using the Spring Protocol, it’s possible to onboard customers by exchanging ID verification information without revealing personal information.
Mike Kanarios, the Chief Strategy officer at General Motors expressed his excitement about the collaboration with Spring Labs. He aims to serve and protect their customers and dealers by innovating and evolving fraud prevention with the Blockchain network.