DENVER–CULedger, the blockchain initiative being backed by several credit union groups, said it has teamed with Evernym to launch “MyCUID,” which it described as a new consumer-focused digital identity solution.
With MyCUID, credit union members can confidently protect themselves from financial fraud and identity theft, while enriching the trusted relationships members have with their credit unions, according to CULedger.
"We created MyCUID as a global digital identifier that permits our members to securely interact with their credit union," said CULedger President and CEO John Ainsworth. “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 uses a person-to-person network of distributed, private agents working in parallel with the distributed ledger to give credit union members a lifetime portable digital identity that “does not depend on any central authority and can never be taken away,” the company said.
By enabling selective disclosure, identity owners can control how much data is shared in a particular context, CULedger added.
"There are approximately two-billion consumers that are considered underbanked or underserved across the globe. With the support of MyCUID, credit unions worldwide will be uniquely positioned to serve the financial needs of consumers," said World Council of Credit Unions President and CEO Brian Branch.
According to CULedger, Evernym leverages the Sovrin Network – the only distributed ledger purpose-built for identity – to develop technologies that allow any individual, organization or connected device to establish and maintain a digital identity that is permanent, portable, privacy-enhancing and completely secure.
CULedger began 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.
For info: www.mycuid.com