The automotive giant General Motors, known by the handle GM, is the latest member of the blockchain startup Spring Labs’ partner project that aims to enhance the data security. According to a recent press release which goes viral on our DC Forecasts crypto news site along with this post, GM is now an official partner of this blockchain initiative.
The company, which has experimented with technology in many occasions before, will join the Spring Founding Industry Partners (SPIF) Program a month after its start (January 2019). The initiative now counts 20 participants and its scheme aims to address issues in data provenance through collaborative research.
According to reports, Spring Labs plans to release its first related products this year. As the chief strategy officer at GM Financial Mike Kanarios commented in the PR:
“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.”
In an interview with Forbes, the CEO of Spring Labs Adam Jiwan suggested that if successful, further participation in this project could extend to GM’s operations more widely. As he explained:
“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 press release also noted that GM Financial is the first to join SPIF.
Meanwhile, GM remains active in the topic of blockchain in recent years. In late 2017, the automotive giant became one of the earliest members of Hyperledger, after which it launched its own cross-industry blockchain association along with other major car manufacturers.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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