CULedger’s Blockchain-Based Identity Verification Solution Goes Commercial | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
CULedger, a highly reputed United States-based credit union service organization (CUSO), has announced that its distributed ledger technology (DLT) powered identity verification solution, MemberPass, (formerly known as MyCUID), is now commercially available to market participants, according to a Finextra report on February 24, 2020.
CULedger’s MemberPass Goes Live
As reported by BTCManager earlier in March 2019, CULedger joined forces with tech giants, IBM to develop a blockchain-based system called MYCUID (Now MemberPass), which will enable credit unions to transact with each other and access shared financial services, while also facilitating frictionless identity verification.
At the time, CULedger CEO, John Ainsworth said:
“We are creating a network through which members can join and access new services and enabling credit unions to become more competitive while following new market dynamics where members demand even more from their financial services providers.”
Now after several successful pilots by participating in credit unions, CULedger has decided to make its MemberPass solution commercially available.
Per sources close to the matter, MemberPass is a know-your-customer (KYC) compliant, member-controlled, an interoperable decentralized digital credential that uses a peer-to-peer- (P2P) network of distributed private agents on a blockchain to provide credit union members with a portable digital identity.