Spring Labs is a unique platform that leverages emerging technologies. It is a solution for both consumers and financial institutions. Exchanging credit and identity information becomes possible without the need for data sharing. Requisite information is seamlessly passed along the network using a peer-to-peer protocol. The blockchain-based network is efficient, secure, and transparent.
More job availability details from Spring Labs and CEO Adam Jiwan on their Angellist page at angellist.co.
The Spring Labs project attracted some of the most notable VCs and blockchain funds in the world. Seed funding in the amount of $15.8 million has already been raised. The company is rapidly expanding with its transformative solution for the exchange of global information.
Traditional credit and identity systems are centralized. This multi-billion dollar ecosystem is plagued by inefficiencies and security issues. Blockchain technology developed precisely for these reasons. The Spring Network adapts blockchain for data providers, banks, and lenders. It is a truly unique system created by forward-thinking industry professionals.
Changing the Flow of Data
In addition to improving security and efficiency, blockchain revolutionizes incentives. It forms a transparent system that can be applied to the traditionally closed, centralized systems currently throughout. Consumers will gain more control over their own data. With personal control and new incentives, the flow of data in the credit and identity ecosystem will radically shift. This is what is missing in the Information Age.
In a world that saw globalized access to humanity’s information within the span of a generation, empowering consumers just makes sense. Despite regulatory efforts, 20% of consumers expect to encounter unnecessary issues or outright exclusion from some financial products. Furthermore, stolen credit data from hacks is a real issue at the height of the public’s awareness
A New Approach to Data Sharing
The essence of Spring Network’s solution is based in peer-to-peer exchanges. Currently, credit bureaus and other institutions are able to leverage a hub-and-spoke data management model. This localization of data forces business through an unnecessary funnel. Those who direct data have significant advantages over the competition. In a peer-to-peer data management model, business becomes fairer. It is a solution that will greatly benefit smaller organizations. The general population will directly feel the impacts. It is also worthwhile to note here how old hub-and-spoke models create enticing single points of failure for hackers to exploit.
The solution: The Direct Exchange of Data.
Through the use of blockchain technology, consumers can administer access without actually sharing data. Blockchain takes the place of centralized authorities. Unlike current methods, blockchain does not need eyes-on information. It is a revolutionary solution that is permeating many aspects of society. Of all the areas that blockchain is being applied, credit and identity solutions in fin-tech may be the most transformative.
Technology that Transforms the Data Marketplace
The Spring Protocol is a metamorphic data marketplace solution. The initial focus will be on the fair and secure exchange of data specific for identity and consumer credit. Unique blockchain applications form the basis for a more secure and private sharing of information. Spring Labs develops the underlying technology for cutting-edge financial products. No other wealth management project has incorporated a blockchain-based solution for credit and identity in this way. The modern consumer may be unaware, but each one of us very much needs these types of securities and protections. Though, peer-to-peer exchanges are not just about consumers.
Benefits for Institutions
The entire credit ecosystem stands to reap great rewards from Spring Lab’s innovative data marketplace. Financial institutions will see substantial increases to their bottom line. Company operations will benefit from improved security. Costs of doing business will significantly decrease as data theft becomes greatly mitigated. Both security and efficiency will improve. New approaches to onboarding customers and underwriting models will transform the fin-tech sector. In both the developed and undeveloped world, revolutionary change is already seen.
Blockchain technology is a much better data management option. By removing the centralized parties that weigh down the businesses of data providers, banks and lenders, more fin-tech opportunities become available. There are cascading impacts on the entire ecosystem. Further innovation and more efficient solutions can be expected as blockchain supplants the old status quo.
An Experienced Team
CEO Adam Jiwan founded Spring Labs with trusted partners. He is a leader in blockchain technology for the fin-tech sector. By improving data transparency, security, and efficiency for data management new solutions can be brought to consumers. Adam saw the need for new solutions throughout his experiences as CEO and various financial management roles.
The team at Spring Labs is extensively experienced in the fin-tech community. Collectively, they founded or helped grow several companies in this sector. These include one of the biggest lenders for European students in Future Finance, as well as, BFRE and Enova. The team traces its history back to Avant. Business conducted at Avant was substantial through the origination of about $5 billion in loans since 2012. It services over 600,000 customers of the world’s credit and identity ecosystem. Misaligned incentives and security issues motivated Spring Labs founders to search for a better credit solution which could uphold a high standard for clients’ identities. The team recognized that blockchain could provide a solution for a clearly inefficient system.
Opportunities at Spring Labs
Blockchain and fin-tech are among the fastest growing industries. Job seekers will find several opportunities from Spring Labs and their CEO Adam Jiwan on Angellist including Executive Assistant / Office Manager, Content Marketing Manager, Lead DevOps Engineer, and Graphic Designer / I