Self-Sovereign Identity and Security for Credit Unions

Posted by Julie Esser on Apr 17, 2019 9:30:00 AM

Many financial institutions, credit unions in particular, are looking to blockchain to solve many of the problems consumers face day-to-day in financial services. While this technology, also known as distributed ledger technology, has been around for several years, many in our industry are struggling to create practical applications for blockchain in banking and credit union operations.

Solving the security problem
There are a number of use-cases that blockchain can solve for the banking industry, but first and foremost is the nature in which distributed ledger technology – or, the backbone of blockchain – functions. Currently, the financial system is made up of a centralized network, which creates “honey pots” of data. Since the data is stored in one place, all of this sensitive information is both extremely vulnerable and attractive to hackers.

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Topics: Blockchain

Credit Union Opportunity in the Era of Blockchain

Posted by Julie Esser on Apr 10, 2019 9:30:00 AM

It should be no surprise that the industry is in the middle of what is being called the Fourth Industrial Revolution. Characterized by the blend of modern technology, from AI to virtual reality to blockchain, we are currently experiencing the largest technological revolution since the invention of the internet. Building on the Third Industrial Revolution—which produced electronics, information technology and the start of automation—this next phase has a major focus on digital, and distributed ledger technology (DLT), the underlying technology for blockchain, is positioned to serve as the foundation for this next chapter.

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Topics: Blockchain

Digital Identity Made Easy: Defining Self-Sovereign Identity

Posted by Julie Esser on Apr 10, 2019 9:30:00 AM

As digital interactions become more commonplace, credit unions search for a solution involving digital identification. Unlike identifying members in physical settings, digital identification remains challenging because of a lack of standardization across various digital channels. Members and credit unions alike are increasingly concerned by the fact that digital identity theft is growing. Sadly, digital data breaches are on the rise across multiple industries and have exposed the most sensitive consumer data to hackers. 

The solution to protecting members’ identities in digital interactions is through self-sovereign forms of identification. Self-sovereign identity is a type of portable digital identity. This form of identification does not depend on any central authority and is nearly impossible for hackers to steal or corrupt.

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Topics: Digital Identity

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