Blockchain startup Spring Labs was selected to develop a national property lien registry for four financing providers in the United States.
Blockchain company Spring Labs will be developing a national property lien registry for four financing providers in the United States.
Combat fraud and enhance identity validation
In an Oct. 1 press release, Spring Labs announced that it was selected by the Property Assessed Clean Energy (PACE) financing providers to create a property lien registry to track liens in $5.6 billion energy-efficient loan market.
The Spring Protocol, which is being developed by Spring Labs, will reportedly make it possible for financial institutions to exchange identity, fraud and risk information amongst themselves, without revealing additional consumer data in order to provide loans to finance upgrades to the energy efficiency of buildings and the installation of renewable energy sources.
Ygrene Energy Fund California, Renovate America, Energy Efficient Equity and PACE Funding Group are the four financing providers who will use the Spring labs blockchain-based platform to track the registry in real-time. Ygrene COO Stephen Tich said:
“Having the ability to query a registry of PACE financing applications and assessments in real time represents an enhancement for the industry. This registry will further enable the PACE industry to offer the most comprehensive and flexible clean energy financing solutions, benefiting our contractors and customers.”
Spring Labs CEO Adam Jiwan said that they announced several partnerships with industry leaders to develop products to combat consumer lending and small business fraud and to enhance identity validation, adding:
“We are pleased to announce our latest product utilizing the Spring Protocol, a lien registry for the PACE industry. We believe that this technology can form the foundations of a blockchain-based national mortgage registry.”
European shipping on the blockchain
Cointelegraph previously reported that two firms are joining forces to build a blockchain-based solution for European shipping. Vakt, a blockchain post-trade platform for commodities, signed a memorandum of understanding with essDOCS, a firm that develops paperless trade solutions, which intends to put European shipping on the blockchain.