Large Credit Union Coalition (LCUC) from Canada Joins the RS3 Consortium

Large Credit Union Coalition (LCUC) from Canada Joins the RS3 Consortium

The blockchain chain consortium, which is currently being led by R3 has added LCUC (Large Credit Union Coalition) from Canada. LCUC is currently made up of sixteen credit unions from British Columbia, Ontario, Alberta, Manitoba, and Saskatchewan.

What Is The LCUC?

It is an alliance that mainly unites the CIOs (Chief information officers) from all the sixteen biggest credit unions that are operational in Canada. This means that the unions are now official members of the blockchain consortium which is led by R3 based in New York.

LCUC reportedly holds assets that have a total value of close to $125 billion. Its mission is to explore new innovations and technologies that can be used to incorporate additional value to Canadian-based credit unions.

The coalition has now become a part of R3’s blockchain group which boasts of a noteworthy membership of around two hundred entities such as professional services companies, financial companies, tech firms, regulators, and trade associations.

What Does This Inclusion Mean For LCUC?

As official members of this particular blockchain consortium, it means that LCUC will now be in a position to explore, as well as be able to implement Corda, a platform that was developed by R3. It is a system that was developed from the ground-up.

Its main aim is to fit the needs of the regulated and sophisticated finance-based markets. The platform comes with a number of applications that can be used to facilitate finance, as well as trade.

Corda Commercial Platform

R3 released the commercial version of this platform last week. During the release, R3 claimed that the release of this platform signaled the first-firewall-blockchain integration. It is something that will make it possible for the blockchain platform to be able to remain behind the firewall put in place by an institution or enterprise.

However, it will still be able to let parties using the blockchain technology to communicate with ease. This essentially means that the security layer has been put in place as a coping mechanism that comes with technical hindrances, e.g., complex infrastructures and IT systems.

R3 was quick to point out that this is one requirement that will be very critical for many businesses when seeking to select a blockchain platform to use.

Comments On The New Platform

According to David E. Rutter, the CEO of R3, Canada is a leading country when it comes to blockchain innovation. It is also poised to remain a leading market for R3. He went on to say that he was pleased to welcome LCUC on board, and was looking forward to working with the CIOs to assist in enriching the services being provided to all its members.

In addition, sources that are familiar with this situation have been quoted as saying that R3 was looking forward to making an initial public offering in the near future in a bid to raise additional funds. R3 was, however, quick to deny these rumors, and also went on record to say that the company was in no way broke.

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