Big banks have been collaborating to develop blockchain technology, a public ledger of transactions run without a primary authority that could allow for the exchange of data, assets and currencies more efficiently and transparently.
"A blockchain is a public and distributed ledger of all bitcoin transactions that have ever been executed," Lois Hansen, vice president, product development for the Rancho Cucamonga, Calif.-based payments CUSO CO-OP Financial Services, said. "It is constantly growing as 'completed' blocks are added to it with a new set of recordings."
Hansen further explained, "The blocks are added to the blockchain in a linear, chronological order. In other words, bitcoin is a virtual currency with no regulating agency or bank. Blockchain is the technology enabler to support bitcoin transactions. Fintech companies are seeing the value of the technology but not the concept of an unregulated currency."
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
