CULedger and Evernym launch distributed ledger digital identity system
U.S. credit union consortium CULedger and blockchain developer Evernym have announced a new digital identity system based on distributed ledger technology, called MyCUID, to protect credit union members from fraud and identity theft.
MyCUID provides a portable digital identity intended to last a lifetime by sharing data person-to-person in network of distributed private agents in parallel with the distributed ledger, according to the announcement. Identity owners can control how much data is shared in different contexts with selective disclosure. The announcement refers to a Javelin Strategy & Research study showing 16.7 million Americans were victims of identity fraud in 2017.
“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 developed technology for MyCUID with purpose-built identity distributed ledger Sovrin Identity Network. The company says Sovrin allows it to build technologies enabling any organization, individual, or device to have a permanent, portable, privacy-enhancing 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,” said Evernym CEO Timothy Ruff.
Yoti and LedgerState recently demonstrated a proof of concept for a digital identity system based on a private distributed ledger and biometrics at the World Economic Forum.