CULedger, builder of innovative blockchain-based products for credit unions and their members, teamed up with Evernym to launch MyCUID, a new consumer-focused digital identity solution.
With MyCUID, credit union members can confidently protect themselves from financial fraud and identity theft, while enriching the trusted relationships members have with their credit unions.
"We created MyCUID as a global digital identifier that permits our members to securely interact with their credit union," said CULedger President/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."
According to a new Javelin Strategy & Research Study, identity fraud is at an all-time high with 16.7 million U.S. victims affected in 2017. MyCUID 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 that does not depend on any central authority and can never be taken away. By enabling selective disclosure, identity owners can control how much data is shared in a particular context.
“There are approximately two billion consumers that are considered underbanked or underserved across the globe. With the support of MyCUID, credit unions worldwide will be uniquely positioned to serve the financial needs of consumers," said World Council of Credit Unions President/CEO Brian Branch.
Evernym leverages the Sovrin Network--the only distributed ledger purpose-built for identity--to develop technologies that allow any individual, organization or connected device to establish and maintain a digital identity that is permanent, portable, privacy-enhancing and completely secure.
“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.
CULedger began in 2016 as an endeavor between CUNA, Mountain West Credit Union Association, and Best Innovation Group to develop a concept for a credit union system-wide permissioned distributed ledger platform. In working with a national consortium of credit unions and trusted industry providers, CULedger is uniquely positioned to help credit unions serve the digital needs of its members.