IBM’s Hyperledger Fabric solution has now been added to CU Ledger, a consortium of U.S. credit unions, that has been making use of a range of private blockchains.
CU Ledger will use IBM’s tech to create “an immutable audit trail that can be used to create new business models and transform existing business processes for credit unions,” as told on Monday.
In particular, the new solutions will be built for such services as identity authentication, compliance with Know-Your-Customer (KYC) regulations, lending and payments, said by the tech giant in a statement.
IBM also said – “The first blockchain-based services will be available to CU Ledger members later in 2019.”
However, the consortium told it will keep its relationships with previously announced partners R3, Hedera and Evernym.
“Credit unions will be able to cooperate and receive shared value from quickly exchanging sensitive data in a permissioned, individually controlled and transparent way. This decentralized approach using blockchain helps put the customer in control of their own identity,” said Marie Wieck, General Manager, IBM Blockchain.
In May 2018, the consortium announced it was going to use Hedera’s Hashgraph distributed ledger technology (DLT) to build a public system for cross-border payments. Same year in December, CULedger also announced it was joining R3’s global network of companies building on the open-source Corda platform.
The group’s identity solution ‘MyCUID’ was developed with Evernym, an identity-focused blockchain company.
CULedger was first introduced in 2016, led by the Credit Union National Association with 55 credit unions on board at that point of time. The consortium managed to hire Mastercard’s Executive Vice President of North America Markets, John Ainsworth, who eventually became CULedger’s President and CEO in December 2017.