Keep pace with the rapidly evolving fintech industry by subscribing to the BIGcast Network. Get weekly insights from industry leaders John Best and Glen Sarvady, delivered straight to your preferred podcast platform. Join our community and stay informed about the latest trends shaping the credit union industry. Subscribe today and ensure you’re always ahead of the curve.
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 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.
Evernym is one of many startups seeking to use distributed ledger technology to create “self-imposed” identities fully under users’ control.
The release of MyCUID appears to be the last step in the consortium’s efforts to change how credit unions process personal data, after the creation of a credit union service organization last year.