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

P1FCU Signs with Best Innovation Group for the FIVE Voice Banking Platform

P1FCU Signs with Best Innovation Group for the FIVE Voice Banking Platform

Tampa, FL, January 29, 2020, Best Innovation Group (BIG) a technology and financial services innovat...

Read More >
Voice Startups Podcast - FIVE

Voice Startups Podcast - FIVE

On this Voicing Startups podcast, John Best of Best Innovation Group shares insights on BIG's FI...

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 >
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 >
Evernym Releases Digital ID Blockchain For Credit Unions

Evernym Releases Digital ID Blockchain For Credit Unions

The software, known as MyCUID, is declared as a way for members of the credit union to protect thems...

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

Subscribe To Our Mailer