CULedger Credit Union-Owned CUSO Joins R3’s Global Blockchain Ecosystem
CULedger which was established as a credit union-owned by CUSO, one that mainly focuses on the delivery of innovative applications that are used by credit unions which is through the cross-border distributed ledger platform, is finally a member of R3’s global blockchain ecosystem.
The CULedger is based in Denver; it is a consortium of different credit unions that mainly focus on the delivery of innovative applications thanks to its distributed ledger platform. The company has been able to provide several advantages to credit unions plus their members; it is by ensuring they have reduced the risks that have been associated with cybersecurity together with fraud.
They have also been able to improve the experience for each member; this is not all as they have gone ahead to streamline the internal processes and also been able to reduce the cost associated with operations and administration.
The company is currently rolling out the pilot program they have been working on that is the company’s flagship product, which is the MyCUID. A product that has been considered to be one of the very first self-sovereign identification methods that could be used by the members of the credit union.
They Have Gone Ahead To Join R3’s Global
The company has joined the R3’s global network that is more than 200 of the largest financial service firms around the globe, central bank, technology companies, and the trade associations that are working together on Corda.
Corda has been designed as an enterprise-grade blockchain platform that has been able to remove the costly frictions that exist in business transactions; this is by enabling the institutions to transact directly by just using the smart contracts efficiently.
All this is being done while the platform is ensuring they have kept the highest level of privacy and security. The Corda Enterprise was recently launched by R3; it is to allow a commercial distribution of the Corda which has been optimized to meet the several demands that exist in the complex institutions.
A Little About R3
This is an enterprise blockchain software firm that has been able to work with a broad ecosystem, one that has been able to accommodate more than 200 partners and members that are spread across the globe in multiple industries, and this is both the public and private sector to help in the development of Corda. With the Corda Enterprise together with its open source blockchain platform for a commercial version of the Corda enterprise usage.
The R3 global team comprises of over 180 professionals who are located in different countries that have been supported by over 2,000 financial, technology and the legal experts that have been drawn from the company global member base.
The Corda platform has already been put to use in various industries; this is from the financial services to the healthcare, insurance, shipping, to name a few. It is able to manage, record and execute the institution's financial agreements that can easily be used, just to ensure there is frictionless commerce.
A Little About The CULedger
The company is Denver based and is a credit union-owned CUSCO, one that has been focusing on proper delivery of the innovative applications to the different credit unions. They have been able to make this possible through the use of the cross-border global distributed ledger platforms. The company has been working in a national consortium that has been made up of the trusted industry investors together with credit unions.
The company has been able to pioneer most of the new developments that have been related to the global self-sovereign, it is a digital identity that will be able to enhance the trust credit unions that they have with their current members.