US Credit Union Blockchain Consortium Joins R3’s Global Ecosystem

CULedger, a blockchain consortium and credit union service organization (CUSO), has joined enterprise software firm R3’s global blockchain ecosystem. The partnership was officially revealed in a press release published Dec. 13.

Based in Denver, Colorado, CULedger reportedly delivers blockchain applications to credit unions and their members, using the technology to improve cybersecurity and to mitigate fraud risks, as well as streamline administrative and operational processes to save time and costs. The firm also provides a specific blockchain-based identification solution for credit union members.

As the press release notes, the consortium joins the R3 global network, which has, to date, reportedly gathered over 200 financial services companies, tech firms, central banks, regulators and trade associations to collaborate on or use its enterprise-grade blockchain platform “Corda.”

Corda has been designed to work within the financial services industry and uses a permissioned distributed ledger technology (DLT) system to restrict data access to only the required participants. This July, R3 released a commercial version of Corda, dubbed “Corda Enterprise,” aimed specifically at businesses.

The Corda platform has seen a wave of positive adoption news in recent months.

Just in December, R3’s Corda-based Euro Debt Solution was used by a German-French-Dutch triad of banks to successfully complete a live commercial paper transaction; major Japanese financial services company SBI Holdings announced its partnership with R3 to boost the use of Corda in Asia; and 26 French companies and five major banks completed a Know Your Customer (KYC) test using Corda.

In mid-October, United Kingdom-based bank Natwest announced it would be integrating a new blockchain platform based on R3 Corda technology for use in the syndicated loans market.