Julie Esser

Recent Posts

What is a “smart contract” and why should credit unions care?

Posted by Julie Esser on May 22, 2019 9:00:00 AM

By definition, a “smart contract” is a computer protocol intended to digitally facilitate, verify or enforce the negotiation or performance of a contract. This digital banking strategy allows for seamless authentication transactions without third parties.

Once a banking contract is initiated and executed, the contract most often sits on the shelf, which is usually a good thing because it generally means the contract is without issues. But there are other critical components to the contract, including performance factors and maintenance. Prior to smart contracts, which have management and alert protocols built-in, credit unions faced the challenge of determining how best to manage these contracts to ensure that the vendors were adhering to contractual terms.

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Topics: Smart Contracts

What happens to MyCUID if my member’s phone is compromised?

Posted by Julie Esser on May 15, 2019 9:00:00 AM

Self-sovereign identity (SSI) provides members with a lifetime portable digital identity that does not depend on any central authority and can never be taken away. The benefits are far-reaching for both members and credit unions.

One of the main benefits of SSI is that the numerous and cumbersome usernames and passwords that consumers currently have become irrelevant. But, since biometrics and smartphone technologies drive the SSI platform, what happens if a person loses his or her phone, or that phone is hacked or has an injury that impedes a biometric login? Does that member’s SSI become vulnerable? This question is especially important for credit unions to consider as a recent Bankrate survey found that 63 percent of smartphone users in the U.S. have at least one financial app.

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Topics: Digital Identity

The Different Dimensions of an Identity

Posted by Julie Esser on May 8, 2019 9:00:00 AM

 

Each individual identity has various dimensions. This is especially true online, where every account—whether Amazon or online banking—requires a siloed identity, leading to a seemingly never-ending list of usernames and passwords. A recent McAfee World Password Study polled 3,000 people worldwide and found that, on average, each person had 23 online accounts that required a password. While that’s a big number, what is most surprising is that, on average, only 13 unique passwords were used for those same accounts—a hacker’s delight.

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Topics: Digital Identity

What Credit Unions Can Learn From Blockchain City

Posted by Julie Esser on May 1, 2019 9:30:00 AM



In February 2019, the documentary, Blockchain City, debuted during the World Government Summit in Dubai. The informative and forward-leaning film, sponsored by CULedger, captures the unfolding impact of blockchain technology on governments as well as the private and public sectors.

“In the next decade or so, a majority of progressive large and small cities will run on blockchain technology,” Ian Khan, director and host of Blockchain City, said in the film. “Today more than ever we need to understand the impact of technology in a simple, concise and clear manner, steering away from hype. This is the only way we can bring business leaders together to work on a common mission of positive change.”

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Topics: Blockchain

Exploring Possibilities to Disrupt Financial Services Through Blockchain

Posted by Julie Esser on Apr 24, 2019 9:30:00 AM

There are over 85,000 financial cooperatives, or credit unions, worldwide. Unlike a bank, these cooperatives are non-profit financial institutions and exist to serve their members. Since these institutions are not-for-profit, their collaborative nature often causes them to work together to achieve the common goal of providing the best service to members, leading to the development of credit union service organizations, or CUSOs. A CUSO is an organization formed and/or owned by one or more credit union(s) to provide a specific product or service within the industry.

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Topics: Blockchain

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