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

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

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