CU Ledger, a consortium of U.S. credit score unions that’s been experimenting with a spread of personal blockchains, has added yet one more to the listing: IBM’s Hyperledger Material resolution.
The consortium will use IBM’s tech to create “an immutable audit path that can be utilized to create new enterprise fashions and remodel current enterprise processes for credit score unions,” Huge Blue mentioned Monday.
Particularly, the brand new options can be constructed for such companies as identification authentication, compliance with know-your-customer (KYC) laws, lending and funds, the tech big mentioned. The primary blockchain-based companies can be obtainable to CULedger members “later in 2019,” IBM mentioned.
Nonetheless, the consortium advised CoinDesk it’s going to preserve its relationships with beforehand introduced companions R3, Hedera and Evernym.
“The usage of a selected blockchain platform can be depending on every explicit software or use case that’s being developed. Our companions, comparable to IBM, Evernym and Sovrin, every play a task inside our general technique and options,” Julie Esser, CULedger’s chief expertise officer, advised CoinDesk.
“We’re not changing any of the relationships that we’ve beforehand introduced,” she mentioned. “CULedger is constructing a community of networks that may facilitate the peer-to-peer alternate of something digital. As we proceed to develop our options, there can be functions higher fitted to totally different networks, and CULedger will allow these networks to work together with one another.”
For instance, CULedger is constructing an identification resolution for its members leveraging the Hyperledger Indy platform (the code for which was developed by Evernym and contributed by the Sovrin Foundation). However the brand new KYC-related product will use Material (which IBM contributed to the open-source Hyperledger undertaking), Esser mentioned.
Final Might, the consortium announced it was going to make use of Hedera’s Hashgraph distributed ledger expertise (DLT) to construct a public system for cross-border funds. In December, CULedger additionally announced it was becoming a member of R3’s international community of corporations constructing on the open-source Corda platform. The group additionally mentioned earlier its identification resolution MyCUID was developed with Evernym, an identity-focused blockchain firm.
In the mean time, CULedger isn’t constructing on Corda, Esser defined, however “there is a chance sooner or later” for the consortium to leverage R3’s tech. Evernym stays a key accomplice, offering the front-end resolution for MyCUID. As for Hedera, CULedger “doesn’t have a selected use case at the moment” within the works for Hashgraph, together with the sooner talked about cross-border funds, Esser mentioned, however, “it’s nonetheless on our roadmap.”
In response to Esser, eight credit score unions taking part in CULedger now are piloting totally different use instances utilizing MyCUID, together with one for name middle consumer authentication. The consortium has 38 member establishments general, in response to its website.
CULedger was first unveiled in 2016, led by the Credit score Union Nationwide Affiliation with 55 credit score unions on board on the time. The consortium managed to hire away Mastercard’s govt vice chairman of North America markets, John Ainsworth, who grew to become CULedger’s president and CEO in December 2017.
On the finish of January, CULedger announced that it had efficiently closed a $10 million A Sequence funding spherical.
Hyperledger picture from Consensus 2018 hackathon, picture by way of CoinDesk archives.