Credit Unions to leverage blockchain technology to fight frauds

The CU Ledger blockchain project is led by the Credit Union National Association (CUNA) and Mountain West Credit Union Association (MWCUA). The program resembles the work conducted at major consortium projects launched by big banks like R3CEV. R3CEV has attracted more than 40 traditional financial institutions for blockchain trials.

Due to the cooperative nature of credit unions, CU Ledger believes it has a better chance of pushing technology through to commercial production first, according to CoinDesk. The industry created the CUNA Mutual Group, a union that provides commercial and consumer insurance and protection products. Additionally, a national network of credit unions that share facilities has been created called CO-OP Shared Branching, enabling members to perform financial transactions at convenient locations. The credit union industry also came together to form a technology standards body called CUFX. CUFX has developed standards for integrating software technology into existing credit union systems.

At the beginning of September 2016, CU Ledger has started working with Evernym, a sovereign identity provider, to build an identity-related proof of concept on top of a permissioned blockchain. Unlike many of the enterprise blockchain projects, CU Ledgers work will be consumer-facing, the site continues.