CULedger, a credit union-owned CUSO that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform, is now a member of the enterprise software firm R3’s global blockchain ecosystem.
Based in Denver, CULedger is a consortium of credit unions focusing on delivering innovative applications on its global distributed ledger platform. It provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes and reducing administrative and operational costs. CULedger is currently rolling out its pilot program of the company’s flagship product, MyCUID, one of the first self-sovereign identification methods for credit union members.
It joins R3’s global network of more than 200 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda.
Corda is an enterprise-grade blockchain platform that removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security. R3 recently launched Corda Enterprise, a commercial distribution of Corda specifically optimised to meet the demands of complex institutions.
John Ainsworth, president and chief operating officer of CULedger, comments: “We are very excited to work with R3 in some capacity. Being part of this vast ecosystem will play a part in our ability to develop additional use cases beyond digital identities for credit unions and their members. We are looking forward to continuing our relationship with R3 as CULedger moves out of the pilot stage.”
David E. Rutter, CEO of R3, comments: “Corda’s unique approach to privacy and security will enable CULedger to develop ground-breaking blockchain-based applications for self-sovereign digital identity and fraud detection. We look forward to working with them to create significant efficiencies for credit unions and their members.”