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Monday, April 23, 2018

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BIG plays big role in ‘game changing’ CULedger program

As Featured on CUInsight.com

Many of us have already heard about the game-changing CULedger program – a collective effort to build a private, distributed ledger network (similar to Blockchain), dedicated to the unique needs of credit unions. Credit union technology think tank Best Innovation Group (BIG) is leading this consortium on the tech side, which consists of CUNA, Mountain West Credit Union Association, and a growing list of credit union industry partners. BIG will research, develop, and pilot potentially useful applications for members such as trusted and portable identity in which credit unions can drive and become a leader.

CULedger consortium is also working with Evernym, which developed a public permissioned ledger network designed exclusively for self-sovereign identity called Sovrin. CUNA’s CULedger steering committee has elected to fast track its first project by utilizing Sovrin and building an application on the platform.

“This project could lead to a whole new future within the industry when it comes to payment processes, identity and fraud prevention, lending practices, and more,” states BIG Founder/CEO John Best. “As technology innovators at BIG, we are incredibly proud to be a part of this new initiative that will definitely change the way we bank very soon. It’s great to have forward thinking credit unions at the forefront of this game-changing technology.”

Best adds that credit unions, as drivers of this platform, will play a key role in adoption. “The credit union industry is a great place to start with a sovereign identity platform. We have often as an industry paid lip service to collaboration, so this is a chance to demonstrate that our industry can collaborate and be regarded as a formidable force in the financial marketplace.”

Best Innovation Group was recently selected by CULedger Steering Committee as one of the primary resources for the project. BIG will also provide executive leadership, project management, and technical expertise.

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