adminWith the ever-changing face of technology, one never knows just what will be the next big thing for the financial world. Credit unions should keep blockchain on their radar, says a CUNA blogger, who points out emphatically that this is not Bitcoin, the virtual currency that became infamous for a time.
The article explains that unlike virtual currency, blockchain has a system of checks and balances in place because it is a system of distributed record-keeping linked across a large number of computers. The concept already is receiving strong investments from big players in the financial arena.
Blockchain goes beyond encrypting data on a server. It distributes that data among so many computers that trying to hack and track the information is daunting even to the most ill-intentioned cyber criminal. Blockchain can contain a distribution of dollars or even documents, such as health care information or property titles
The potential is there, and as the article says, “credit unions are well-positioned to deliver such solutions thanks to their history of collaboration, as well as their reputation for providing member-centric services.”
For now, it’s a technology worth watching. And it’s not Bitcoin. Read more on CUNA’s website.
