CU Ledger, a consortium of U.S. credit unions that’s been experimenting with a range of private blockchains, has added one more to the list: IBM’s Hyperledger Fabric solution.
The consortium will use IBM’s tech to create “an immutable audit trail that can be used to create new business models and transform existing business processes for credit unions,” Big Blue said Monday.
In particular, the new solutions will be built for such services as identity authentication, compliance with know-your-customer (KYC) regulations, lending and payments, the tech giant said. The first blockchain-based services will be available to CULedger members “later in 2019,” IBM said.
However, the consortium told CoinDesk it will keep its relationships with previously announced partners R3, Hedera and Evernym.
“The use of a specific blockchain platform will be dependent on each particular application or use case that is being developed. Our partners, such as IBM, Evernym and Sovrin, each play a role within our overall strategy and solutions,” Julie Esser, CULedger’s chief experience officer, told CoinDesk.
“We are not replacing any of the relationships that we have previously announced,” she said. “CULedger is building a network of networks that will facilitate the peer-to-peer exchange of anything digital. As we continue to develop our solutions, there will be applications better suited for different networks, and CULedger will enable those networks to interact with each other.”
For example, CULedger is building an identity solution for its members leveraging the Hyperledger Indy platform (the code for which was developed by Evernym and contributed by the Sovrin Foundation). But the new KYC-related product will use Fabric (which IBM contributed to Hyperledger), Esser said.