TransUnion Partners with Spring Labs to Make Credit Data Available on Blockchain

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TransUnion (TRU) has joined forces with Spring Labs to bring credit data to public blockchain networks. As part of the partnership, off-chain credit data from the global information and insights company will be made available on the blockchain via Spring Labs ky0x Digital Passport. TRU shares rose 0.42% to close at $111.99 on January 12.

TransUnion is a company that specializes in information and risk management solutions. It offers consumer reports, risk scores, and analytical services.

Credit Data on Blockchain

The availability of credit data on the blockchain should lead to better-informed, privacy-preserving Decentralized Finance (DeFi) applications. Additionally, it should enable the unlocking of a new world of permissioned and reputation-based products.

Partnering with TransUnion to make credit data available on-Chain should allow Spring Labs to kick start its game-changing ky0x Digital Passport identity system. Consequently, users will be able to share their information while preserving their privacy.

TransUnion and Spring Labs are joining forces to enhance trust and the adoption of decentralized finance products and services. In addition, the identity system should enable smart contract access to off-chain information while affording users utmost control over their data.

TransUnion believes in the growth potential of decentralized finance. Providing credit and identity data on the blockchain is a huge milestone in improving financial products, according to the company’s President of U.S. Markets and Consumer Interactive, Steve Chaouki.

Analysts’ Take

Last week, Morgan Stanley analyst Toni Kaplan reiterated a Buy rating on the stock and raised the price target to $130 from $124, implying 16.08% upside potential to current levels.

Consensus among analysts is a Moderate Buy based on 5 Buys and 2 Holds. The average TransUnion price target of $134.67 implies 20.25% upside potential to current levels.

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