The platform allows for financial institutions, such as banks, lenders, and data providers to improve data security and efficiency. Spring Lab gives them data control that can be integrated into existing systems. By using technology, the company's intention is to reduce costs for manual processing.
Spring Labs can also be used by consumers. It is attempting to create a credit system that is more secure and transparent for users, meaning that users can see all the attestations to their credit using the platform. The intended goal for consumers of Spring Labs is to give them a more accurate credit rating. Private data cannot be stored on the network with the intention of creating more data security.The platform also allows for scalability and interoperability, making it capable of being used for a variety of contexts.
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- BlockchainA blockchain is an append-only digital ledger storing a set of time-ordered transactions grouped in blocks that are linked together using cryptographic hashes.
- CryptocurrencyA cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
- Credit (finance)Loan