CULedger, Evernym Release Digital ID Blockchain For Credit Unions - BIG News

Please Wait a Moment
X

BIG News

29May

CULedger, Evernym Release Digital ID Blockchain For Credit Unions

CULedger, a consortium of credit unions in the U.S., and Evernym, developer of distributed ledger technology, have introduced a new DLT-based digital identity system.

The software, known as MyCUID, is billed as a way for credit union members to protect themselves from identity theft and fraud. The ledger will enable users to share only as much personal information as they need or want to in a given situation.

CULedger president and chief executive John Ainsworth said in a press release that the system would allow customers to "securely interact with their credit union," continuing on to say:

"By giving individuals control over their personal identifiable information, MyCUID will create a truly secure and privacy-preserving flow of information to promote balance, fairness, diversity and competition in the digital economy."
 

MyCUID operates through a person-to-person network of "distributed, private agents working in parallel with the distributed ledger," according to the press release. This will help ensure that users' identity records cannot be taken away from them.

If widely adopted, the software will enable credit unions worldwide to provide banking services to an estimated 2 billion people who currently lack access to financial institutions, said World Council of Credit Unions president Brian Branch in the press release.

CULedger is a nationwide consortium, having begun "in 2016 as an endeavor between CUNA, Mountain West Credit Union Association, and Best Innovation Group to develop a concept for a credit union system-wide permissioned distributed ledger platform," according to the press release.

 

Read More

About the Author

Best Innovation Group

Best Innovation Group

BIG is an innovation think tank started by @JBFintech that points its clients in the right direction to achieve quicker adoption of cutting edge technologies.

Related

A 'Mental Shift' After Crash Course In Distributed Ledger Technology

A 'Mental Shift' After Crash Course In Distributed Ledger Technology

Credit union professionals are getting a crash course in distributed ledger technologies thanks to a...

Read More >
Best Innovation Group Goes Five for FIVE

Best Innovation Group Goes Five for FIVE

Desert Financial Credit Union is the fifth financial institution to go live with its powerful, fully...

Read More >
Big data creates 'digital revolution'

Big data creates 'digital revolution'

The challenge is accumulating and 'normalizing' the right information.

Read More >
Collaboration will drive AI for credit unions

Collaboration will drive AI for credit unions

Data is the power behind innovation, tech expert says.

Read More >
BIG First To Leverage Geezeo’s New Conversation SDK For Personal Financial Management

BIG First To Leverage Geezeo’s New Conversation SDK For Personal Financial Management

Braintree, MA, (October 29, 2018) - Geezeo, a leader in Fintech and data-driven solutions for financ...

Read More >