CULedger, a research-to-action initiative exploring the viability of a private, permissioned distributed ledger (DLT) by credit unions, has partnered with Evernym to launch a new consumer-focused digital identity solution.
Called MyCUID, the new solution would enable credit union members to protect themselves from financial fraud and identity theft. It uses a person-to-person network of distributed, private agents working in parallel with the distributed ledger to give credit union members a lifetime portable digital identity independent of any central authority. By enabling selective disclosure, identity owners can control how much data is shared in a particular context.
“We created MyCUID as a global digital identifier that permits our members to securely interact with their credit union,” said CULedger President and CEO John Ainsworth. “By giving individuals control over their personal identifiable information, MyCUID will create a truly secure and privacy-preserving flow of information to promote balance, fairness, diversity and competition in the digital economy.”
Founded in 2013, Evernym develops software solutions that leverage distributed ledger technology to provide every individual, organization and connected device with secure and irrevocable identity. Its proprietary distributed identity solutions are built upon the Sovrin network– the only distributed ledger purpose-built for identity.
“Self-sovereign identity will change the very nature of the relationship that companies have with their customers, and I couldn’t think of a more fitting match for this breakthrough than credit unions, who know more about creating strong relationships than just about anybody,” said Evernym CEO Timothy Ruff. “Building MyCUID with the long-term benefit of the world’s more than 235 million credit union members in mind has been a vital process for Evernym. This is bound to have a profound impact on the financial lives of a great many consumers.”
