Today consumer credit reporting agency TransUnion (market cap $19 billion) invested an undisclosed sum in Spring Labs, which has its blockchain-based Spring Protocol. Spring Labs’ stated aim is for more financial data to be shared in a privacy preserving manner. That way it’s easier to detect fraud and a better consumer profile can be created.
For example, it wants additional firms to contribute credit reporting data such as telecoms companies, insurers, and utilities, which could help the unbanked receive credit. Its permissioned blockchain creates an immutable and time-stamped record of data.
“Spring Labs built a state-of-the-art technology protocol that cryptographically transforms and anonymizes data to unlock new data and products,” said Steve Chaouki, President of U.S. Markets at TransUnion, who is joining the Spring Labs Board of Directors. The companies will also be working together.
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