Computer hardware company IBM has teamed up with CULedge, a Blockchain consortium and Credit Union Service Organization (CUSO), for developing new Blockchain-based solutions for the credit union industry. The partnership will purportedly open up solutions using authorized Blockchain networks, which will modify existing business models and procedures for credit unions. With these solutions, services like Know Your Customer (KYC) compliance, digital identity authentication, lending and payments services, and other consumer processes that require authentication will reportedly improve.
With this partnership, credit unions members across the globe will get access to the customizable CULedger-issued digital credential, MyCUID that can be utilized to validate financial transactions between members of any credit union on the network. According to the reports, the first services on the CULedger Blockchain network will be rolled out to credit union members across the world later this year. In December last year, CUSO joined enterprise software firm R3’s global Blockchain ecosystem as part of its ongoing efforts to deploy the technology to streamline operational procedures and turn down fraud and Cybersecurity risks for credits unions and their member. Meanwhile, IBM keeps developing various enterprise Blockchain offerings and new patents under the aegis of the IBM Blockchain project. The company recently introduces in-house security testing tool for Blockchain solutions, which focuses on advancing identity authentication, access permissions and addressing smart contract vulnerabilities.
Founded in the year 2017, CULedger is a Ledger technology company based in Denver, Colorado, develops applications on a global Distributed Ledger Technology (DLT) or Blockchain platform for credit unions. By implementing Blockchain technology will specially offer greater financial inclusion by extending access to financial services across the diverse demographics which encompass more than 260 million credit union members, with more than USD 1.7 trillion of circulating assets.