As the United states continues to actively embrace blockchain, more new blockchain-powered products supported by national organizations continue to mature.

CULedger, a major fintech business firm coordinated by an American national trade clan, has commercially launched its blockchain identity platform.

Formerly known equally MyCUID, CULedger's blockchain-based identity verification solution MemberPass is now commercially available later a successful pilot in belatedly 2022, CULedger announced on Feb. 21.

Credit spousal relationship members tin utilize safe blockchain-based ecosystem to protect their privacy

As a major credit union service organization (CUSO), CULedger aims to provide a trusted peer-to-peer services network of verifiable exchange for financial cooperatives. A credit spousal relationship is a non-profit organization that exists to serve their members. Similarly to banks, credit unions accept deposits, make loans and provide a broad assortment of other fiscal services.

In order to improve cybersecurity for members within its ecosystem, mitigate fraud risks for credit unions as well as reduce operational costs, CULedger has been actively exploring and applying blockchain tech. Every bit such, CULedger's MemberPass tool is designed to authenticate transactions between credit unions through implementation of distributed ledger engineering. Claimed to exist the first Know Your Customer-backed digital credential, the product allows network members to control their identity, getting a standardized fashion to verify themselves to their credit unions.

3 more than credit unions join CULedger'due south MemberPass

In conjunction with the commercial launch of MemberPass, the airplane pilot programme has too added three more credit unions. According to the latest announcement, the platform was recently joined by Achieva Credit Union, HawaiiUSA Federal Credit Union and Eagle Express Federal Credit Union. The plan currently counts 11 credit wedlock organizations so far in various stages of deployment, the CUSO said.

John Ainsworth, president and CEO of CULedger, outlined that MemberPass was designed to truly address "core privacy issues" in the manufacture. According to the exec, the "sense of security" has disappeared from financial services, which boosts the demands of solutions similar MemberPass. Ainsworth said:

"Our previous pilots have showcased the need in the industry and how members can do good from heightened security. Allowing members to have command of their information provides a sense of security that has slowly disappeared from financial services and is becoming increasingly of import in this new digital historic period."

CULedger's founding was coordinated by the Credit Union National Association

In mid-December 2022, CULedger successfully completed a MemberPass pilot project involving other iii credit unions such as Unify Financial Credit Spousal relationship, Desert Financial Credit Union and TruWest Credit Union. The company has made a number of partnerships with major global firms in social club to streamline its blockchain expertise. In March 2022, CULedger partnered with tech giant IBM to further develop its credit marriage blockchain solutions after previously joining enterprise software firm R3'southward global blockchain ecosystem in late 2022.

According to official reports, CULedger'due south founding was coordinated past major national merchandise association, the Credit Wedlock National Association (CUNA), alongside the Mount West Credit Union Association and Best Innovation Grouping. The system has been supporting the development blockchain applied science likewise as participated in major Senate hearings regarding digital currencies. As such, CUNA was engaged with a Senate Banking Committee hearing in July 2022, titled "Examining Regulatory Frameworks for Digital Currency and Blockchain."