Blockchain is not Bitcoin. Blockchain is not Bitcoin. Blockchain is not Bitcoin.
Blockchain is the elegant underlying technology that enables Bitcoin.
Also known as distributed ledger technology, which began as a cryptocurrency exchange, blockchain will allow great innovation in financial services, Best says.
One of the big changes blockchain technology can bring, he says, is a much better verification of identities and other secure data about members.
Credit unions are banding together to use the technology in a collaborative project called CULedger.
“This is a collaborative technology,” Best says. “It literally doesn’t exist without collaboration.”
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 the breakout session.
The effort stands to improve credit unions’ chances in a rapidly changing technology-focused future.
“Collaboration is our greatest defense against disruption,” Best says.
►Click here for more conference coverage from CUNA News, and get live updates on Twitter via @CUNACraig, @cumagazine, and @CUNACouncils, and by using the #TechOpSS hashtag. Learn more about the CUNA Councils, a member-led professional society for credit union executives, at cunacouncils.org.