Wandering through all the details about CU Ledger, distributed ledger technology, or blockchain might be a bit confusing.
But here’s what you need to know, says Best Innovation Group CEO John Best: “It is a true opportunity for credit unions.”
Best gave an update on the CU Ledger project—a collaboration between CUNA, the Mountain West Credit Union Association, Best Innovation Group, and other credit union system partners—during a breakout session at AXFI Conference in Minneapolis.
Distributed ledger technology, which began as a cryptocurrency exchange, will allow great innovation in financial services, Best says.
One of the big changes that CU Ledger can bring, he says, is a much better verification of identities and other secure data about members.
But in order for CU Ledger to work, and for the technology to open up innovation, credit unions will need to collaborate, Best says.
“Our No. 1 weapon to avoid disruption is collaboration,” Best notes about credit unions in the rapidly changing financial services landscape.
Visit culedger.com to learn more.