CULedger, a consortium of credit unions in the U.S., and Evernym, developer of distributed ledger technology, have introduced a new DLT-based digital identity system.
The software, known as MyCUID, is billed as a way for credit union members to protect themselves from identity theft and fraud. The ledger will enable users to share only as much personal information as they need or want to in a given situation.
CULedger president and chief executive John Ainsworth said in a press release that the system would allow customers to “securely interact with their credit union,” continuing on to say:
“By giving individuals control over their personal identifiable information, MyCUID will create a truly secure and privacy-preserving flow of information to promote balance, fairness, diversity and competition in the digital economy.”
MyCUID operates through a person-to-person network of “distributed, private agents working in parallel with the distributed ledger,” according to the press release. This will help ensure that users’ identity records cannot be taken away from them.
If widely adopted, the software will enable credit unions worldwide to provide banking services to an estimated 2 billion people who currently lack access to financial institutions, said World Council of Credit Unions president Brian Branch in the press release.
CULedger is a nationwide consortium, having begun “in 2016 as an endeavor between CUNA, Mountain West Credit Union Association, and Best Innovation Group to develop a concept for a credit union system-wide permissioned distributed ledger platform,” according to the press release.
It’s been working with Evernym, which created the Sovrin protocol, since at least last year. Evernym is one of a number of startups seeking to use distributed ledger technology to create “self-sovereign” identities fully under users’ control.
The release of MyCUID appears to be the latest move in the consortium’s efforts to change how credit unions handle personal data, after forming a credit union service organization last year.
Piggy bank image via Shutterstock
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