IBM and CULedger Partnered To Develop Blockchain Solutions

IBM has signed an agreement with blockchain consortium and credit union service organization (CUSO) CULedger to develop new solutions based on the blockchain. The partnership was announced in a press release shared with Cointelegraph.

The goal of the IBM & CULedger partnership is to develop exclusive blockchain solutions jointly. Such solutions would be implemented in existing business models and processes for credit unions and could improve many processes. These include authentication via digital identification, KYC requirements compliance, lending and payment services, as well as other consumer processes that require authentication.

The partnership between IBM and CULedger will provide members of credit unions around the world with access to CULedger’s digital credential called MyCUID. It can be used to authenticate financial transactions between members of any credit union on the network. According to Marie WIECK, general manager of the IBM Blockchain,

“Credit unions will be able to cooperate and receive shared value from quickly exchanging sensitive data in a permissioned, individually controlled and transparent way.”

Reportedly, CULedger services will be available to members of credit unions around the world this year already.

Image courtesy of AiThority