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CULedger, a blockchain consortium owned by the Credit Union Service Organization (CUSO), has joined the global blockchain ecosystem of the R3 enterprise software company. The partnership was officially revealed in a press release published on December 13th.
Headquartered in Denver, Colorado, CULedger provides blockchain applications to credit unions and their members, using technology to mitigate cybersecurity and fraud risks, as well as streamline administrative and operational processes to save time and costs. The company also provides a specific blockchain-based identification solution for members of the credit union.
As the press release notes, the consortium joins the global R3 network, which has so far reported raising over 200 financial services companies, technology companies, central banks, regulators and trade associations to collaborate or use its enterprise-level blockchain platform. "Cord".
Corda is designed to work in the financial services sector and uses a distributed ledger technology (DLT) system to restrict access to data only to required participants. This July, R3 released a commercial version of Corda, dubbed "Corda Enterprise", specifically designed for companies.
The Corda platform has seen a wave of positive news on adoption in recent months.
In December, the R3-based Euro Debt Solution was used by a triad of German-French-Dutch banks to successfully complete a commercial transaction on commercial paper; the leading Japanese financial services company SBI Holdings announced its partnership with R3 to increase the use of Rope in Asia; and 26 French companies and five major banks completed a know-your-customer (KYC) test using Corda.
In mid-October, the UK-based bank Natwest announced that it would integrate a new blockchain platform based on R3 Corda technology for use in the syndicated loan market.
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