IBM and CULedger are laying the foundation for new kinds of services and collaboration among credit unions
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By creating a permissioned blockchain network where services can be shared among all credit unions, CULedger claims that it will improve services such as identification authentication, regulatory compliance around know-your-customer , lending and payments, while making it easier and more efficient for consumers to conduct any interactions that require authentication.
Credit union members worldwide will also have access to a CULedger issued digital credential, called “MyCUID” that adheres to the privacy-by-design requirements of self-sovereign identity supported by the Sovrin Foundation.
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