IBM, CUSO CULedger Partner to Develop Blockchain Solutions for Global Credit Unions
The partnership will focus on developing new blockchain-based solutions for the credit union industry.
Tech giant IBM is partnering with blockchain consortium and credit union service organization (CUSO) CULedger to develop new blockchain-based solutions for the credit union industry. The development was announced in a press release shared with Cointelegraph on March 11.
IBM and CULedger will reportedly jointly pioneer solutions using permissioned blockchain networks that will innovate existing business models and processes for credit unions.
These solutions can reportedly improve services such as digital identity authentication, Know Your Customer compliance, lending and payments services, and other consumer processes that require authentication.
Leveraging blockchain will also specifically aim to provide greater financial inclusion by extending access to financial services across the different demographics that comprise the over 260 million credit union members — with over $1.7 trillion of circulating assets — reported to exist worldwide.
The partnership between IBM and CULedger will provide credit union members globally with access to the customizable CULedger-issued digital credential, “MyCUID,” which can reportedly be used to authenticate financial tran