CULedger and IBM Strike Blockchain Deal

IBM has announced plans to partner up with credit union organisation, CULedger to use blockchain technologies to provide a better customer experience

It seems with each passing day, another big name is ready to take advantage of the possibilities blockchain technology opens up to their company. Today, it is the turn of Credit Union Consortium, CULedger who have announced plans of implementing blockchain into their day to day dealings with the help of Tech Giants, IBM.

In this latest deal with IBM, who are well-established in the blockchain world, it is hoped they will able be to improve their existing business model and create new and exciting possibilities in the credit union world. The aim, as IBM Blockchains General manager, Marie Wieck, explains, is to help Credit Unions “cooperate and receive shared value from quickly exchanging sensitive data in a permissioned, individually controlled and transparent way.”

The ultimate plan is to create a permissioned blockchain network, which will be shared among all the credit unions associated with CULedger. This network will predominately be used to help improve authentication procedures. This will include regulatory compliance around KYC (know-your-customer) procedures, as well as assisting in lending and payments.  It should also help their users get through authentication interactions more easily.

There are also other benefits to gain for credit union members across the world, as they will gain access to the CULedeger issued digital credential, MYCUID. With this, the credit unions will be able to share financial service, thus allowing members to make transactions to one another via the network.

While this may all sound very complex, the goal is to merely to streamline the day-to-day service of the credit unions within CULedger via blockchain.