Spring Labs Blockchain Project to Eliminate Credit Bureaus Like Equifax and Experian from Loan Granting Process
The blockchain startup Spring Labs is currently working with 16 different lenders and other fintech companies in order to create a new system for granting loans. The intention is to eliminate centralized firms such as credit bureaus form the loan granting process.
According to a recent report released by Bloomberg, there are different companies such as Equifax and Experian that are now dominant firms in the loan market. In some cases, banks have been struggling to provide loans due to problems related to sharing customer data.
Bloomberg explains that if there are two banks and a […] Read more