CULedger and IBM Strike Blockchain Deal

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.

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News

Bitcoin,CoinMarketCap,Ethereum

Cryptocurrency Market Cap Jumps Past $2 Trillion

Cryptocurrencies continue to make headline news around the world as the total market cap surpassed $2 trillion on Monday. Supported by increased interest from institutional investors, celebrities, and retail investors, digital coins are now worth more than Apple Inc. Bitcoin has, once again, played a major role in the sector’s market cap. The world’s first […]

6 April, 2021
Digital Currency,Ethereum,Stablecoin

VISA Set To Support Cryptocurrency Settlements

The global payments corporation, VISA, announced on Monday that it is making preparations to allow USD Coin (USDC) to settle transactions within its network. This move is being viewed by industry analysts as yet another clear sign that cryptocurrencies are being accepted by major institutions within the traditional financial industry. USDC was selected by VISA […]

30 March, 2021
Casino,Ethereum,Gambling

CasinoFair Temporarily Shuts Down Amid Network Congestion

The popular cryptocurrency casino, CasinoFair, has announced in a recent blog post that it will be temporarily stopping its gaming services. Citing unsustainable congestion on the Ethereum network as the main reason for this pause, the casino reassured its players that it is “actively researching solutions and hope to be back with a new range […]

26 March, 2021
Bitcoin,Coinbase,CoinMarketCap

Significant Bitcoin Drops As Coinbase Announces IPO

The cryptocurrency market is back in turmoil following yet another volatile week where Bitcoin almost reached a record-breaking value of $60,000. Bitcoin drops are nothing new, but the recent 25% decrease has caused panic amongst even traders with an experience of major currency fluctuations. The latest drop comes as Coinbase, one of the world’s largest […]

1 March, 2021
Cybercrime,Scam,Trezor

Trezor Warns Users About Fake Mobile App

Trezor is warning users of a malicious mobile application featured on Google Play which appears to be associated with the wallet provider. At least 1,000 users have already downloaded this software, and it is likely that some have unwittingly provided their seed phrase to unlock their funds. Both Trezor and SatoshiLabs have confirmed the existence […]

26 January, 2021
Bitcoin,eToro,Trading

eToro Temporarily Raises Minimum Deposit To $1,000

For the past few weeks, the increase in Bitcoin’s price has led to a massive interest in cryptocurrency trading. eToro has been overwhelmed by new registrations and has decided to temporarily raise the minimum deposit from $200 to $1,000. Although 2021 has barely gotten started, it promises to be an exciting time to invest in […]

11 January, 2021
Bitcoin,Investment,Trading

Global Cryptocurrency Market Value Surpasses $1 Trillion

Thursday has proven to be a monumental day for cryptocurrencies as the world’s combined value tops the $1 Trillion mark. Energised by a substantial rise in the value of Bitcoin in recent months, the volatile crypto market has reached a once-unreachable value. Following the latest Bitcoin Halving in May 2020, the world’s largest digital token […]

10 January, 2021
Sponsored

Victory over virus: SiGMA Virtual Expo hosts 100+ exhibitors

SiGMA Europe and AIBC Virtual Expos launch with record breaking attendance, providing a cure to the industry’s events sector In the light of this year’s changes in our everyday lives, SiGMA was close to having to stop doing what it does best; creating networks for people through the company’s iconic physical events, but luckily, the […]

26 November, 2020