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Credit unions are working to turn a distributed ledger-based identity project into a platform for payments and financial services. CULedger, which has existed for about a year, had its first board meeting last week and is on path to launch a digital ID system by early next year, followed by payments, lending and other financial services. 

As digital interactions become more commonplace, credit unions search for a solution involving digital identification. Unlike identifying members in physical settings, digital identification remains challenging because of a lack of standardization across various digital channels. Members and credit unions alike are increasingly concerned by the fact that digital identity theft is growing. Sadly, digital data breaches are on the rise across multiple industries and have exposed the most sensitive consumer data to hackers.

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