US credit union consortium CULedger and blockchain developer Evernym have partnered to launch a digital identity system based on blockchain technology, called MyCUID, designed to protect credit union members from fraud and identity theft.

MyCUID uses a permanent and portable digital identity by sharing data through a distributed ledger network. Identity owners can control how much data is shared in different contexts.

The release also points to the fact that 16.7 million Americans were victims of identity fraud in 2017, according to a Javelin Strategy & Research study.

“We created MyCUID as a global digital identifier that permits our members to securely interact with their credit union,” said CULedger President and CEO Joh 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.”

Evernym’s technology in MyCUID utilises identity distributed ledger by Sovrin Identity Network, which allows it to build technologies enabling any user to have a permanent, portable, and secure digital 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,” added Evernym CEO Timothy Ruff.

Must read: The universal digital identity – how to get it right?

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com
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