The Large Credit Union Coalition (LCUC), a consortium of chief information officers (CIOs) from the 16 major credit unions in Canada, has teamed up with the R3, the New York-based blockchain consortium, as announced on July 17th, yesterday.
The LCUC, whose core members consist of over 3 million institutions and account for more than $125 billion in total assets, is now part of the R3 blockchain consortium of over 200 financial organizations, trade unions, and technology businesses to pursue and incorporate Corda. Corda is an open source distributed general ledger platform architected to operate within the financial sector to handle difficult transactions and limit the access to transactional data for increased security.
The LCUC is delighted to work with R3 and explore the space for general ledger technology more closely distributed, building on some of our members’ successes with technology.
Yves Auger, CIO of Servus Credit Union, member of the Large Credit Union Coalition of Canada
The Large Credit Union Coalition (LCUC) of Canada teamed up with R3 Consortium of the blockchain technology
The LCUC aims to create new technologies which would make Canadian credit unions more effective and competitive. The alliance has formerly focused on a number of projects, including remote check deposits and mobile payments. The LCUC is also targeting the areas of artificial intelligence, cloud computing, and payment upgrading, as reported by the official statement.
On the other hand, earlier in July, R3 Consortium reported that it had introduced a build of its Corda blockchain platform focused on enterprises use. Corda Enterprise, purportedly, is “optimized to meet the demands of modern enterprises.”
The Large Credit Union Coalition (LCUC) of Canada teamed up with R3 Consortium of blockchain technology-based companies to implement Corda. By doing so, LCUC members plan to improve their effectiveness and become more competitive in the modern economy.