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Spring Labs Aims To Create Fraud and ID Verification Solutions Using Blockchain Technology

Spring Labs aka Springcoin Inc. is a technology company aims to create Fraud and ID Verification Solutions using Blockchain technology. The company is developing the Spring protocol as the solutions which will enable participants to send and receive valuable information with no underlying source data exchange required. The protocol is basically designed to change the existing scenario of information and data exchange around the globe. It reduces the replication of data as a part of standard ID verification and mitigates fraud along with the improvement of transparency and security for consumers data.

Sixteen global industry leaders attended the Founding Industry Partners (SFIP) Program and some of the leaders are SoFi, OnDeck Capital, Avant, GreenSky, Funding Circle, BlueVine, Foundation, Upgrade, Fundbox, and Better Mortgage. The main objective to join this program is to combat fraud and enhance ID verification capabilities.

Social Finance (SoFi), Inc. is an online personal finance company created to help those people who want a loan refinancing, personal loan, and personal loan. OnDeck Capital is a global online small business lending company founded in 2006 which provides the lines of credit customized and terms loans in order to fulfill the needs and requirements of small business owners. This platform has already provided customers with loans of $10 Billion in a few countries like the United States, Australia, and Canada, according to a report by PR Newswire. 

President and Chief Product Officer of Spring Labs John Sun said, “We are extremely excited about the initial partners and this is an incredible opportunity to expand the development of the Spring Network. “We have plans to include other verticals in the near future, and look forward to announcing those partnerships in the coming months.”

However, accessibility to new types of valuable data will be possible through the blockchain technology-based Spring protocol. It will cut the cost of issuing financial products and reduce intermediary costs in data sourcing.

WISeKey Creates A Number Of Interconnected Blockchain Centers 

The Switzerland-based e-security and Blockchain technology company WISeKey International Holding AG wants to create a number of interconnected Blockchain Centers of Excellence. The company has partnered with Blockchain Research Institute (BRI) in order to create this project. The Centers will be run as a coordinated and interoperable blockchain ecosystem internationally. Each Blockchain Center is supposed to create a particular expertise which can be shared among all centers and all partners can benefit from the particular expertise, according to a report by GlobeNewswire.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Shabnam Dhar is a Copy Editor for OWLT Market.

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