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Canada’s Largest Credit Union Coalition Joins NY Blockchain Consortium R3

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Canada's Largest Credit Union Coalition Joins NY Blockchain Consortium R3

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The 16 largest Canadian Credit unions that make up the Large Credit Union Coalition (LCUC) has joined database company R3, reports Cointelegraph.

R3 leads a consortium of more than 200 financial institutions in research and development of DLT usage in the financial system and other commercial sectors. It is responsible for the open-sourced system, Corda, which was designed for dealing with complex transactions and security, and is expected to have many of the benefits of blockchains.

Yves Auger, CIO at Servus Credit Union, commenting on the thinking behind the LCUC’s cooperation with R3, said, “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”.

A new version of Corda was released this month aimed specifically at businesses.Called Corda Enterprise, it includes a Blockchain Applications Firewall.

LCUC wants to add competitiveness to Canadian credit unions through the development of new technologies, such as those that companies like R3 are able to create. The LCUC press release indicates that having worked on projects such as remote check deposits and mobile payments, the coalition now wants to focus on developing artificial intelligence (AI), cloud computing and the modernization of existing payment systems.

Last month, the LCUC blogged that 39 of its partners had completed over 300 transactions, testing out R3’s KYC application over eight time zones in 19 countries. Participants ran 45 nodes on Microsoft Azure, sharing data via the Corda network using CorDapp.

Due to provincial research and development, low energy costs, high-speed internet and internal regulation, Canada, home of Ethereum, has become an established global leader in blockchain innovation.

The Blockchain Research Institute (BRI), based in Toronto, has currently invested in over 70 research projects which are looking at ways the blockchain technology can be used in industry. The BRI has joined with the Information and Communications Technology Council (ICTC) of Canada and the Bank of Canada to build a nationwide blockchain system.


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