CULedger, a credit union consortium in the US that focuses on offering applications on a global distributed ledger platform, has teamed up with blockchain startup Hedera to develop a global ledger for cross-border payments.
Under the partnership, CULedger will leverage Hedera’s hashgraph platform and public ledger to build the system.
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By GlobalDataThe system will work in conjunction with MyCUID, which is a blockchain-based digital identity system developed by CULedger, in association with blockchain developer Evernym, in February this year.
CULedger already utilises hashgraph’s private version, provided by software firm Swirlds.
CULedger Rick Cranston COO said: “Currently, cross-border payments are painful for all parties involved. They take time, they’re expensive, and there is limited visibility into the transaction. Hashgraph is fast and it provides visibility between the two parties at a significantly lower cost.
“It also eliminates concerns regarding fraud and default, since transactions are recorded immutably on the public ledger, and manual processes, since transactions are automated via smart contracts. Equally important for us was that any distributed ledger we build on must provide stability, so that we, our application developers, and our credit unions can feel confident in the long-term support and community of the distributed ledger we use.”
