IBM Scores Deal With US Credit Union Group to Use Hyperledger Blockchain
CU Ledger, a consortium of U.S. credit unions that’s been experimenting with a range of private blockchains, has added one more to the list: IBM’s Hyperledger Fabric solution.
The consortium will use IBM’s tech to create “an immutable audit trail that can be used to create new business models and transform existing business processes for credit unions,” Big Blue said Monday.
In particular, the new solutions will be built for such services as identity authentication, compliance with know-your-customer (KYC) regulations, lending and payments, the tech giant said. The first blockchain-based services will be available to CULedger members “later in 2019,” IBM said.
However, the consortium told CoinDesk it will keep its relationships with previously announced partners R3, Hedera and Evernym.
“The use of a specific blockchain platform will be dependent on each particular application or use case that is being developed. Our partners, such as IBM, Evernym and Sovrin, each play a role within our overall strategy and solutions,” Julie Esser, CULedger’s chief experience officer, told CoinDesk.
“We are not replacing any of the relationships that we have previously announced,” she said. “CULedger is building a network of networks that will facilitate the peer-to-peer exchange of anything digital. As we continue to develop our solutions, there will be applications better suited for different networks, and CULedger will enable those networks to interact with each other.”
The Blockchain divide: why large corporates are delinking it from the crypto world?
The blockchain is the way ahead, but true Blockchain is decentralized and intrinsically linked to a rewards mechanism. The idea was to create blocks of information in a transaction cycle and allow third parties – crypto miners - to verify any changes to the transaction or contract process, and offer a rewards mechanism.
But with Blockchain being linked to the speculation behind cryptocurrency, corporates are more than happy to delink the technology from cryptocurrency. By doing so, they are defeating the very purpose of a decentralized approach to verifying transactions and enforcing contracts with utmost transparency.
The death knell was sounded by AWS, the $28 billion public cloud giant. It launched a couple of Blockchain-based services at AWS Re: Invent 2018 based on a centralized smart contract system with AWS acting as the verifying layer but with no link to the crypto rewards mechanism.
EU Report Calls for Blockchain Interoperability Standards
A recent report to the European Union made recommendations on how to better develop blockchain technology, including the introduction of interoperability and scalability standards. The report was published by the European Union Blockchain Observatory and Forum on March 6.
The report dubbed “Scalability, Interoperability And Sustainability of Blockchains” was prepared by blockchain tech firm ConsenSys on behalf of the European Union Blockchain Observatory and Forum. It provides insight into the current and potential future states of blockchain in Europe, considering the input of different stakeholders and sources.