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Wednesday, November 22, 2017

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CULedger Gets Credit Unions Off The Distributed Ledger Sidelines

As Featured on CoinJournal.net

Credit Union Associations are not satisfied sitting on the sidelines while the R3 Banks have all the distributed ledger fun. CULedger is creating a consortium of credit unions with the intention of exploring blockchain and distributed ledgers technologies. [via bitcoin.com]

Formerly known as CUBlockchain, the name change comes with an announcement that the group is seeking participants and funding. Following in the footsteps of the R3 group, CULedger is developing Premissioned Distributed Ledger technology. Permissioned DLTs are something between traditional, centralized ledgers and a true permissionless, decentralized ledger like the Bitcoin blockchain.

Individual Credit Unions will hold and share their Distributed ledger and act as nodes in the system. This could reduce costs for the credit union, lowering costs for financial transactions between institutions. Customers will ideally see the benefit in the form of lower fees and quicker transactions. This could make remittance much cheaper than traditional methods.

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