General Motors Financial Company is planning to the use of blockchain technology to improve data management standards and also address critical auto finance industry issues like identity verification and synthetic identity fraud. Spring Labs will be the new partner of GM Financial & share its Spring Protocol, a blockchain-based network for the latter needs.
A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.
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