SALT LAKE CITY & DENVER--(BUSINESS WIRE)--The Sovrin Foundation, a private-sector international non-profit, and CULedger, a credit union-owned CUSO that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform, announced today the addition of CULedger as a Steward of the Sovrin Network.
As a Steward, CULedger will play a pivotal role in creating, operating and maintaining Sovrin’s decentralized, permissioned digital identity network. Sovrin was established in 2016 to govern the distributed ledger at the heart of the Sovrin Network, and thus provide the internet with its long-missing identity layer -- affording every person, organization and connected device with self-sovereign identity.
Self-sovereign identity refers to digital identity which is decentralized, secure, portable, private and completely trustworthy.
In order for the Sovrin ledger to be truly independent, it cannot rely on any single organization and must be maintained by a wide variety of entities that each contribute networking capacity and hardware to keep it running. CULedger is one of 35 entities worldwide currently chosen to support the operation of the distributed ledger technology.
“The credit union movement is based on the idea that trusting interactions between people connected by a common bond are the best interactions,” said Heather C. Dahl, executive director of the Sovrin Foundation. “The Sovrin Network uses the power of cryptography and distributed ledger technology to facilitate trusting digital interactions. It’s only natural that the credit union movement would be so quick to see and embrace the value of this trust.”
Dahl noted that in addition to CULedger, four individual credit unions are counted among Sovrin’s founding Stewards.
“Through this decentralized network, individuals will be able to take ownership of their digital identities and we can establish a much needed, privacy-preserving flow of information,” said John Ainsworth, president and CEO of CULedger. “CULedger is honored to be selected as a Sovrin Steward and to support the organization’s mission to provide self-sovereign identity to all. This is the solution to the digital identity problem.”
About the Sovrin Foundation
The international, non-profit Sovrin Foundation is governed by a constitutional Trust Framework that ensures its independence from government or industry influence and codifies its dedication to providing self-sovereign digital identity for all. The Sovrin network is operated by independent stewards and uses the power of a hybrid distributed ledger as a fast, private and secure framework for providing every person, organization, and connected device a permanent identity with which to transact online and operate securely in everyday life. Learn more about the Trust Framework underlying the Sovrin network here.
Denver-based CULedger is a credit union-owned CUSO that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform. In working through a national consortium made up of credit unions and trusted industry investors, CULedger has pioneered new developments related to global self-sovereign digital identity that will further enhance the trust credit unions have with their members. CULedger provides advantages to credit unions and their members by reducing risks associated with cybersecurity and fraud, improving member experience, streamlining internal processes, and reducing administrative and operational costs. To learn more about CULedger, visit www.culedger.com.