The software, known as MyCUID, is declared as a way for members of the credit union to protect themselves from identity theft and identity fraud. The ledger will allow users to share only that personal information that they need or want in a given situation.
CULedger president and CEO John Ainsworth said in a press release that the system would allow customers to safely interact with their credit union.
In accordance with the press release, MyCUID works through a person-to-person network of distributed, private agents working in parallel with the distributed ledger. This will help ensure that user accounts cannot be deleted from them.
In case of widespread use, the software will allow credit unions around the world to provide banking services to approximately 2 billion people who currently do not have access to financial institutions, said the president of the World Bank of Credit Unions, Brian Branch, in a press release.
CULedger is a nationwide consortium that having begun in 2016 as a commitment 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.
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