DENVER--(BUSINESS WIRE)--CULedger, a credit union-owned CUSO that focuses on delivering innovative applications to credit unions through its cross-border global distributed ledger platform, is now a member of the enterprise software firm R3’s global blockchain ecosystem.
Based in Denver, CULedger is a consortium of credit unions focusing on delivering innovative applications on its global distributed ledger platform. It 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. CULedger is currently rolling out its pilot program of the company’s flagship product, MyCUID, one of the first self-sovereign identification methods for credit union members.
It joins R3’s global network of more than 200 of the world’s largest financial services firms, technology companies, central banks, regulators, and trade associations working together on Corda.
Corda is an enterprise-grade blockchain platform that removes costly friction in business transactions by enabling institutions to transact directly using smart contracts, while ensuring the highest levels of privacy and security. R3 recently launched Corda Enterprise, a commercial distribution of Corda specifically optimised to meet the demands of complex institutions.
John Ainsworth, president and chief operating officer of CULedger, comments: “We are very excited to work with R3 in some capacity. Being part of this vast ecosystem will play a part in our ability to develop additional use cases beyond digital identities for credit unions and their members. We are looking forward to continuing our relationship with R3 as CULedger moves out of the pilot stage.”
David E. Rutter, CEO of R3, comments: “Corda’s unique approach to privacy and security will enable CULedger to develop ground-breaking blockchain-based applications for self-sovereign digital identity and fraud detection. We look forward to working with them to create significant efficiencies for credit unions and their members.”
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
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.