CULedger, Evernym Release Digital ID Blockchain For Credit Unions - Best Innovation Group > Media > 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

Related

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 >
Best Innovation Group Continues Expansion of  FIVE Voice-First Banking Platform

Best Innovation Group Continues Expansion of FIVE Voice-First Banking Platform

Michigan First Credit Union is the newest client to give members the power of voice with recently ce...

Read More >
This Week In Voice (Season 3, Episode 15) with guest Elizabeth Robins (Best Innovation Group)

This Week In Voice (Season 3, Episode 15) with guest Elizabeth Robins (Best Innovation Group)

Host Bradley Metrock (CEO, Score Publishing) discusses the #voicefirst news stories of the week with...

Read More >
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 >
Voice of Money Conference 2020

Voice of Money Conference 2020

The popular Voice of Money conference, presented by VoiceFirst Events, is back for its second year. ...

Read More >

About Us

Best Innovation Group, Inc is a technology innovation and development company catering to the financial industry. We invite you to join the hundreds of financial institutions that have already worked with our team of experts in designing technology solutions to fit their growing needs.

Contact Us

Toll Free:
877.244.4964
Office:
813.377.4963
Fax:
813.425.2390

To Subscribe To Our Mailer