CULedger, a US-based credit union consortium formed by the Credit Union National Association (CUNA) and the Mountain West Credit Union Association (MWCUA), has selected Swirlds’ hashgraph technology as a key component of its permissioned, distributed, shared ledger platform for credit unions.
Banking Technology, sister publication of Paybefore, reports.
The two parties say they are “are making it simple for application developers to build distributed applications that can be used by any number of credit unions”.
Swirlds’ technology 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”.
Rick Cranston, VP of innovation for MWCUA, and member of the CULedger steering committee, says the organisation evaluated “numerous distributed ledger technologies” and settled for Swirlds as “it delivers both the performance and banking grade security” that CULedger’s members will demand of shared applications and data stores.
Swirlds claims its hashgraph provides “unparalleled performance compared to alternative platforms that can only process thousands of transactions per second”. The hashgraph, it states, can process 100,000’s of transactions per second.
Furthermore, it “is the only platform that meets the requirements for fully distributed trust in a distributed ledger and provides the highest level of security in the market”, the company claims.
The patented hashgraph consensus algorithm was developed by Swirlds co-founder and CTO Leemon Baird and “uses an entirely new protocol”. According to Swirlds, it “is resilient to DDoS attacks and ensures mathematically proven fairness in the absolute ordering of transactions”.