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.
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.
Bitcoin Expertise Is ‘Exploding’ Among Insurance Professionals In 2019: Study
“If you are not already involved in a blockchain project, you need to start looking for opportunities to test the waters with a limited use case or low-impact proof of concept,” is what Greg Donaldson said in the report, namely a senior analyst at Aite Group.When it comes to the actual growth and the need for blockchain experts, it is constantly increasing. 'Talent growth' is a category that we can see in the report which shows dramatic results. For example, only seven individuals showed their Bitcoin expertise in April 2017 - but 390 of them did in January 2019. Similarly, only two claimed both insurance and blockchain in their expertise - but 2,260 were skilled in both in January 2019.
“The interest in this technology has created an extreme need for more experts who can help the insurance industry develop solutions using blockchain,” the report notes.To sum things up, the report says that there is one system that is already implemented by some companies - which actually makes the insurance process more transparent and efficient. It keeps all of the customer information on a 'permissioned' blockchain - starting from the moment when a customer is offered a price quotation for a policy.
“Then once the customer purchases the policy, the customer knows the status and receives a policy and proof of insurance almost instantly,” explains Aite.
VISA Is Getting In Crypto And Looking For A Blockchain Developer Hero
“...passionate about the intersection of payments and cryptocurrency,” and “deeply familiar with permissionless blockchain technology.”This puts Visa in the recent news about hiring on our DC Forecasts crypto news site. The job requirement looks like Visa is one of the top blockchain companies in the crypto industry, all while the reality is that Visa is just now getting into crypto. A lot of people in the crypto atmosphere are hailing the entry of Visa to the industry as a move of mass adoption. However, we are unlikely to see mass adoption of a payment system that has the features and benefits of the most popular cryptocurrencies. https://twitter.com/cuysheffield/status/1107364060809449472 Instead, we will probably see something like JPM Coin which is Jamie Dimon's attempt to get JP Morgan into a cryptocurrency and a move that represents a US dollar in the company's internal accounting software on its centrally controlled and walled off private databses. The job description classifies VISA as:
“Common Purpose, Uncommon Opportunity. Everyone at Visa works with one goal in mind – making sure that Visa is the best way to pay and be paid, for everyone everywhere.”Meanwhile, Visa is hampered by its deep entanglement with the regulatory regime and the current regulation which makes it illegal for Visa to design a financial platform with the fundamental values built into Bitcoin and the other cryptocurrencies. For those of you who don't know, Visa and the other finance companies are legally prohibited from offering their customers with the value propositions that made Bitcoin one of the most profitable investments. They are required to survey their users as well as report to various government authorities. They are also required to wield the control they retain over the ability to make payments and hold you hostage to their rules. At the end of the day, this move is certainly surfacing something bigger for Visa which we all want to see in the near future.
UPDATE: Criminal Records Of QuadrigaCX Co-Founder Emerge In The Public
IBM Head Of Blockchain Division Says The Company Is The Leader In Blockchain Technology
‘’What IBM’s been doing as the leader in blockchain technology for the last three years is adding security and confidence to the system.’’Lund was talking about the cross-border payment solution of IBM which uses the Stellar Lumens network for settlement and explained how one of the most popular and oldest companies in the world aims to revolutionize the remittance market. The products which aim to be introduced to the public are challenging Ripple’s xRapid products but in order for a harmonious system to be created, all of the products will have to cooperate. He continued explaining:
‘’We’re building on a new idea, which is to be able to store monetary value electronically and be able to move that value around the world in real time… I think the problem with cross-border payments today, the inefficiencies are based on the fact that the way that banks communicate, the network that banks communicate on is separate from the network or the rails that money actually moves on. And those things are distinct and they require a lot of coordination and reconciliation after the fact.’’Lund also talked about the SWIFT platform saying that it works similarly to a messaging platform and they aim to create a similar product as well based on the SWIFT standards. He said:
‘’ISO standards that have come out of SWIFT are inherently part of the platform. We’re trying to help banks optimize the way that they service their customers.’’IBM’s blockchain division has a close eye in multiple industries in order to follow what the role of blockchain technology can become in the near future. Since the company sold off its hardware-based business, IBM decided to try in the field of intellectual property. A couple of years ago, IBM didn’t think it would be calling itself the leader in Blockchain technology because they still haven’t innovated much in this field. It’s debatable whether IBM will really become a leader in blockchain technology because it has such high competition such as Samsung and Huawei but IBM has open source developers who are working hard to contribute to pool of blockchain projects.
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- Bitcoin Expertise Is ‘Exploding’ Among Insurance Professionals In 2019: Study
- 4% Increase: MakerDAO Vote Will Raise DAI Stablecoin Annual Stabiility Fee To 7.5%
- VISA Is Getting In Crypto And Looking For A Blockchain Developer Hero
- Bitcoin Is At $4,001 – Finally Breaking Through The ‘Crucial Mark’ Again
- UPDATE: Criminal Records Of QuadrigaCX Co-Founder Emerge In The Public
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