Credit unions unveil blockchain-based digital ID system


A consortium of American credit unions exploring potential use cases for distributed ledger technology, has teamed up with DLT specialist Evernym on a digital identity system.

Dubbed MyCUID, the tool uses a P2P network of distributed, private agents working in parallel with the distributed ledger to give credit union members a lifetime portable digital identity.

This identity does not depend on any central authority and can never be taken away, say the partners, and, by enabling selective disclosure, identity owners can also control how much data is shared in a particular context.

John Ainsworth, CEO, CULedger, says: "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."

A collaborative effort among Cuna, Best Innovation Group, the Mountain West Credit Union Association, PSCU and other industry partners, CULedger is a "research-to-action" initiative that is investigating the viability of a private, permissioned DLT that can be used by credit unions.

The group has been working with Evernym since last year, tapping the vendor's public permissioned ledger network, called Sovrin, designed exclusively for self-sovereign identity.

Ultimately, World Council of Credit Unions CEO Brian Branch claims, MyCUID could help his members serve the two million people around the globe who are underbanked.

Subscribe to our free newsletter
Follow us on Twitter
Join us on LinkedIn

Latest Features & Interviews

SDW 2018 Interview: secunet on EES

In this interview, Frank Steffens, Principal in the Homeland Security division of Germany’s secunet tells us about their approach to the biometric Entry/Exit System (EES) planned in Europe.

SDW 2018 Interview: Ixla

Company spotlights have been created to give firms operating in the secure documents and identity industry an opportunity to discuss trends, product innovations and achievements.

White paper: Gemalto - The paper elements of a passport

An expert’s guide to using the paper elements of a passport.

More articles >>
Share |

Sponsored Links

SDW Conference and Exhibition
SDW is a world-leading conference and exhibition providing a global showcase for next-generation secure credentialing solutions.

connect:ID 2019 Event supported by Planet Biometrics 29 Apr 19 - 01 May 19
SDW 2019 @ Identity Week Event supported by Planet Biometrics 11 Jun 19 - 13 Jun 18