General Motors Financial Co. has joined as a general member of Hyperledger — an open-source collaborative effort from the Linux Foundation created to advance cross-industry blockchain technologies.
Blockchain is the same technology used by cryptocurrencies such as bitcoin, and provides secure online data transfers by allowing sensitive financial data to be transmitted electronically without an intermediary, such as a bank.
“Long term, our goal is to … help [members] realize the financial benefits of being a part of the community,” Hyperledger’s Executive Director Brian Behlendorf told AFN. “Basically, any company that deals with any transactions … will be remade through blockchain tech.”
The technology also has potential to help companies create a database of vehicle titles and registration, he added. GM Financial declined to comment.
Other auto companies have been investing in blockchain technology, including Daimler AG, which joined Hyperledger as a premier member in February, and Toyota Financial Services, which joined the R3 blockchain consortium in June 2016.
“With companies like GM Financial, we have conversations about what they want to use [the consortium] for when they come onboard,” he said.
As part of the membership, GM Financial will have access to exclusive events, access to Hyperledger’s marketing committee on blockchain-related stories, and face-time with Hyperledger staff.Like This Post