CULedger is a research-to-action initiative that is investigating the viability of a private, permissioned distributed ledger (DLT) that can be used by credit unions. It is an effort to do for the credit union industry what R3 is doing for the banks: assemble a consortia of credit unions and CUSOs to build a ledger network dedicated the needs of credit unions.
The legal structure of the CULedger governing body is still being determined by the CULedger organizing group, which is raising funding from CUs and CUSOs to pay for R&D for CULedger. This group is spearheaded by MWCUA VP Innovation Rick Cranston; CUNA COO Rich Meade; and Best Innovation Group CEO John Best.
An initial CULedger Steering Committee meeting is being held on August 25th. The following committees are proposed, and additional committees will be formed at that meeting.
- Project Management Committee – (falls under Steering Committee)
- Network Committee
- Security Committee
- Implementation Committee
- Application Committee
For information on research and development expense opportunities, please contact Rick Cranston at RCranston@mwcua.com or 720.479.3342.
In the meantime, we are beginning with a technical pilot program that establishes a series of nodes that will form the network backbone for the distributed ledger. The goal of the pilot is to establish benchmarks for speed, uptime, and reliability in preparation for initiatives decided upon by the CULedger committees.
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