While the blockchain has definitely revolutionized the world of finance, the same can also be said for other domains such as medicine, content sharing, accounting etc. To be more specific, we can see that distributed ledger technology offers a protocol that helps streamline monetary transactions in a way that allows for a high level of security and transparency.
When in its infancy, the blockchain was localized primarily to Bitcoin, but today there are many distributed ledger ecosystems that make use of a wide array of different operational mechanisms.
Some of the key features of such platforms include:
- Easy Data Storage
- Faster Data Validation
- Increased Data Security
- Low-risk entry point
About the CU Ledger Platform
As the name alludes to, CU Ledger is an all new consensus platform that allows companies to record and maintain sensitive data in a completely safe and secure manner. Some of the core aspects of CU Ledger include:
This platform helps in removing entry barriers for credit unions, thereby allowing for increased opportunities for everyone.
(ii) Networking Capacity:
As per data provided on the company’s website, this platform helps create interoperability among credit unions irrespective of the cores and third party products being implemented etc.
(iii) Easy to Use:
The interface is highly user friendly and can be implemented into existing data frameworks used by schools, financial institutions and organizations.
(iv) Permissioned Access:
Unlike Bitcoin and other similar blockchains, CU Ledger uses a privatised network that restricts entry to only those participants who have clear access credentials to the core system.
Each and every person involved with any transaction within the network is vetted and checked before he/she is able to process data-blocks that are present inside the ecosystem.
CU Ledger makes use of verified nodes thereby ensuring that all of the data has been passed through a consensus mechanism that is governed by trusted participants. This results in faster and more efficient information exchange.
Other Key Points to Bear in Mind
(i) App Development Potential:
A highly underrated feature of CU Ledger is that it serves as an app creation station that can be used by dev’s to devise and sell services to credit unions.
(ii) Integration Capacity:
The platform is fully compatible and can seamlessly integrate into consensus modules used by existing platforms such as Evernym Sovrin and CUFX.
(iii) Smart Contracts:
All of the internal processes and transactions are implemented through the use of smart contracts. This not only helps in better functional management, but also allows helps save time for everyone involved.
In order to facilitate faster ledger transactions, the platform makes use of a notary system called Swirlds. This module can be thought of as the backbone of the CU Ledger system. It allows for automated contract governance and enhanced overall system usability.
Where Do I Sign Up For CU Ledger?
To make use of CU Ledger, users can go to the official company website and click on the “Become a member” tab. Upon doing so, one will have to fill out certain forms that will enable us to register with the company and procure the platform.
The final product has not yet been finished, and a beta version of the software is currently on offer.
For any other details pertaining to CU Ledger, customers can drop in an email on the ‘contact us’ page or call company reps on 202-3299950.