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IBM Strikes Deal with US Credit Unions to Use Hyperledger Blockchain

IBM Strikes Deal with US Credit Unions to Use Hyperledger Blockchain

CU Ledger, consisting of a consortium of US credit unions known for experimenting with multiple private blockchains, has recently added IBM’s Hyperledger Fabric solution to its blockchain list.

As Big Blue revealed on Monday, the consortium will employ IBM’s technology to create “an immutable audit trail that can be used to create new business models and transform existing business processes for credit unions”.

The new enhancements will focus on services like lending and payments, identity authentication, and compliance with know-your-customer (KYC) regulations, with the first blockchain services available to CULedger members “later in 2019”.

However, the consortium also revealed that they aim to continue their relationships with previous partners R3, Hedera and Evernym.

Julie Esser, CULedger’s chief experience officer, said in an interview:

“The use of a specific blockchain platform will be dependent on each particular application or use case that is being developed. Our partners, such as IBM, Evernym, and Sovrin, each play a role within our overall strategy and solutions.”

She added that this would not replace any prior relationships as the group was building a “network of networks” to facilitate P2P for digital entities.

She also revealed that CULedger is building an identity solution for the members leveraging the Hyperledger Indy platform. Evernym developed the code for the platform with contributions from the Sovrin Foundation. But, the new KYC-related product will instead employ Fabric, for which IBM contributed to the open-source Hyperledger project.

In May of 2018, the consortium revealed that it would use Hedera’s Hashgraph distributed ledger technology (DLT) to create a public system for cross-border payments. And in December of the same year, CULedger announced the collaboration with R3’s global network of companies to build on the open-source Corda platform. At this time, CULedger is not using Corda, but as Esser stated, “there is an opportunity in the future for the consortium to leverage R3’s tech.”

 

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IBM’s Blockchain Platform Expands Supply Chain Solutions to Track Mined Metal

IBM

IBM will use the Hyperledger Fabric blockchain platform to track supply chains for the metal mining industry. The company recently announced two separate projects for its abovementioned aim.

One of the two projects will seek to supervise the shipping of metals from a Mexico-based mine. IBM will work with Canadian company called MineHub Technologies, which tracks metal ore movement from Goldcorp’s Penasquito Mine based in Mexico. The blockchain system will allow the company to record the data regarding the ore it mines. Along with that, a certification that the metal was obtained using ethical and sustainable ways will also be provided, claims IBM.

The other project will be used for tracking cobalt being transported to a Ford Motor Company plant from a mine based in the Democratic Republic of Congo.

The company aims at tracking the movement of an initial cobalt batch (1.5 ton) which will leave next month from a mine in Congo. This cobalt will be sent to China for refining and later, the package will go to a battery plant in South Korea, before finally arriving at the Ford plant in the US. The whole supply chain process that is five months long will be recorded using Hyperledger technology.

The project involves not only IBM and Ford but also Huayou Cobalt from China, LG Chem from South Korea and RCS Global. All the participants are expected to use the blockchain built by IBM on HyperLedger Fabric in order to record each step of the package’s supply chain.

RCS Global’s involvement is in one enthical aspect of the entire operation. Some mining companies in Congo have been accused by human rights groups such as Amnesty International of using child labor. RCS Global representatives inspect mines and physically tag shipments leaving the mines with barcodes. If there is any violation of ethical laws, the company immediately informs the receiving industry. In such a case, the industry is advised not to use such a shipment. Now, the management is expected to use blockchain technology for recording the supply chain to make it more transparent and immutable.

 

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