As it has become known, the Large Credit Union Coalition (LCUC), which is an alliance bringing together the chief information officers (CIOs) of the 16 largest credit unions in Canada, became a new member of New York-based blockchain consortium R3.
The LCUC represents Canada’s largest Credit Unions that have more than 3 million members and total $125 billion in assets. Its credit unions are based in Ontario, Manitoba, Saskatchewan, Alberta and British Columbia.
The coalition views its mission in using collective knowledge and national presence for exploring new technologies that can be used in order to add value to the Canadian credit union space and strengthen the competitiveness of the local credit unions.
And recently, the LCUC has taken a decision to join R3’s blockchain group. The enterprise blockchain software company R3 has a global team of over 180 professionals from 13 countries. Moreover, R3 can boast a support of more than 2,000 technology, financial, and legal experts. R3 has received over USD 120 million of investments from over 45 firms.
Thanks to being a part of R3’s network, the LCUC will have a possibility to explore and integrate Corda, an open-source distributed ledger platform developed by R3 in cooperation with over 200 members and partners from various industries working in both the private and public sectors.
This enterprise level platform is designed to work within finance sector with a view to conduct complex transactions and restrict access to transaction data.
The LCUC members are really excited with the new opportunities that they have now. For example, the CIO at Servus Credit Union Yves Auger said:
“The LCUC is thrilled to be working with R3 and exploring the distributed ledger technology space more closely, building on some of our members’ successes with the technology. The wealth of knowledge and possible use cases we can dive into in short order were among some of the key reasons we felt partnering with R3 was the right choice for us”.
As it is known, the coalition has always paid attention to the innovative opportunities that could be used for making Canadian credit unions more competitive. Previously, it has worked on such projects as remote check deposits and mobile payments.
Neverthelss, cooperation with the LCUC is interesting for R3 as well, its CEO David E. Rutter commented:
“Canada is a hub for blockchain innovation and remains a key market for R3. We are pleased to welcome LCUC on board and look forward to working with its group of CIOs to enrich the services offered to their members with Corda’s unique enterprise-focused blockchain technology”.
Earlier in July, R3 informed that they had launch Corda Enterprise blockchain platform, a new version of the platform aimed specifically at businesses. According to R3, their new project will make it easier for companies to enjoy the benefits of blockchain technology.