Swirlds, creators of the hashgraph distributed consensus platform, and CULedger, a credit union consortium supported by the efforts of CUNA and the Mountain West Credit Union Association (MWCUA), announced an agreement Friday whereby CULedger will use Swirlds’ hashgraph technology as a key component of CULedger’s permissioned, distributed, shared ledger platform for credit unions.
CULedger and Swirlds are making it simple for application developers to build distributed applications that can be used by any number of credit unions. Swirlds hashgraph provides the shared storage (distributed ledger) for these applications, reducing the opportunity for errors, improving efficiency, and ensuring a consistent view of data by all parties.
“After evaluation of numerous distributed ledger technologies, it quickly became clear to us that Swirlds delivers both the performance and banking grade security that our members will demand of shared applications and data stores,” said Rick Cranston, VP of Innovation for MWCUA, and member of the CULedger steering committee. “Our members are interested in building numerous distributed ledger applications to drive revenue, improve member service, and reduce fraud. Swirlds hashgraph will enable them to build and leverage distributed applications, while feeling highly confident of the security and capacity of these applications.”
