Paul Gordon, Senior Manager, Payments, Canadian Credit Union Association
While much of the hype around cryptocurrencies, like Bitcoin, has died down over the past few months, the push to explore the potential application of distributed ledger/blockchain technology across a number of industries is still as strong as ever. Many still believe that blockchain will enable a panacea of operating platforms that will bring new levels of efficiencies, cost savings, risk and security management and transparency in a lot of different areas.
The New York based R3 blockchain consortium is probably one of the best known and well represented groups in the global financial services industry. Its’ membership includes some of the largest banks in the world and now, Canadian credit unions are also a part of this forward-thinking organization. The Large Credit Union Coalition (LCUC) CIO group, which is comprised of technology leads from 16 of Canada’s largest credit unions, announced in July that it had joined R3 to allow them to explore blockchain technology and the potential uses cases for credit unions using R3’s Corda blockchain platform. The LCUC has already completed some of its own proof-of-concepts using blockchain technology and the hope is that having access to a platform like Corda will allow them to continue to test and develop other innovative financial applications.
The July 17, 2018 news release can be found here.