Note from the CEO: Move over banks. Blockchain technology is not just for the big banks anymore. A credit union consortium is working on details to create a member-owned distributed ledger for financial institutions. Great idea. Look for possibly other like minded groups to do the same. Smaller broker dealers? Family office groups? Trade associations? Strength in numbers and lower costs. Great idea, and one we already wrote about today in another piece – MSFT, GOOG & Blockchain.
“In an effort to prove that blockchain technology is not just the preserve of big ticket banking associations, US credit unions have formed a collaborative venture to explore the application of distributed ledgers for member-owned financial cooperatives.
A collaborative effort among Cuna, Best Innovation Group, the Mountain West Credit Union Association, PSCU and other industry partners, 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,’ say the partners.”