The steering committee for CULedger, a blockchain network for credit unions, held its first meeting Thursday, setting the stage for credit union involvement with the innovative technology.
“This group is the foundation for credit unions to come together, form our own network and be the disrupters,” said Rich Meade, CUNA chief of staff/chief operating officer. “It represents a cross-section of stakeholders working collaboratively and cooperatively for credit unions in this new arena.”
Credit unions, state leagues, business partners and technology consultants fill the lineup of 16 members and 6 liaisons. CUNA and Mountain West Credit Union Association are leading the proof-of-concept project, and Rudy Pereira, president/CEO of Royal CU, Eau Claire, Wis., is the steering committee chair.
Meade encouraged credit unions interested in joining the system-wide CULedger open source project to contact him. “The more participants we have, the more nodes we have, the better we will be able to validate the data and the more reliable that platform will be,” he said.
At its core, shared-ledger technology creates an online system through which two parties can securely exchange information with those exchanges certified by all the organizations--called nodes--participating in the network using the technology.
More information is available at the CULedger website.