CULedger teams up with IBM for blockchain network – FinTech Futures

- Advertisement -

CULedger, a credit union service organisation (CUSO), is partnering with IBM to develop blockchain-based services for credit unions.

IBM and CULedger’s blockchain will spur cooperation among credit unions

According to the firms, the partnership aims to use permissioned blockchain technologies to extend credit unions’ reach to a broader range of new members, particularly SMEs that currently lack access to financial services.

A permissioned blockchain network would allow services to be shared among all credit unions, improving identification authentication, regulatory compliance around know your customer (KYC), lending and payments.

“A cooperative model that helps improve the member experience while benefitting all credit unions is the ideal approach to ensuring the next wave of financial innovation for the credit union industry,” says John Ainsworth, CEO and president, CULedger.

“Credit unions will be able to cooperate and receive shared value from quickly exchanging sensitive data in a permissioned, individually controlled and transparent way. This decentralised approach using blockchain helps put the customer in control of their own identity,” says Marie Wieck, general manager, IBM Blockchain.

- Advertisement -

Credit union members worldwide will also have access to a CULedger issued digital credential, called MyCUID that adheres to the privacy requirements supported by the Sovrin Foundation. MyCUID allows members to conduct transactions among any credit union on the network.

Blockchain’s potential value to the enterprise is expected to grow to more than $360 billion by 2026, then surge to more than $3.1 trillion by 2030, according to Gartner.

CULedger’s blockchain network will be available to credit unions worldwide beginning later in 2019.

- Advertisement -

The credit union industry has 260 million members worldwide with over $1.7 trillion of circulating assets.

source

Previous Articles:

- Advertisement -

Latest

Congress Debates Stablecoin Bill Amid Rising Bank and Crypto Tensions

U.S. lawmakers are moving forward with the Senate Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with debates set to resume after...

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Must Read

Best Metaverse Tokens to Buy on Binance for 10X Gains

Ever since Facebook renamed their company to Meta, as well as their plans to build a metaverse where we can travel into using Virtual...