CO-OP Financial Services and TMG said on May 2 that they commissioned a study on blockchain to help credit unions create a framework for evaluating this emerging digital technology.
The blockchain concept, which was first developed by Bitcoin, refers to a public ledger of all executed transactions that run without a financial institution or another entity as its primary authority.
Specifically, a blockchain is a distributed database that maintains a continuously growing list of transaction records hardened against tampering and revision. It includes two types of records, transactions and blocks – transactions include the actual data stored in the blockchain, and blocks confirm exactly when and in what sequence transactions have occurred.
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