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“Blockchain is opening up new markets that were previously not viable to reach due to high transaction cost, transaction latency, or complete inaccessibility.” - Tom Davis, CSCU
It is important for credit unions to know more about blockchain as a global cyber technology, so that you are fully prepared to capitalize on its benefits. Blockchain technology is a critical part of the bitcoin network, but blockchain does not necessarily need bitcoin to provide utility as a stand-alone network. How bitcoin fares as a crypto currency in the global economy is anyone’s guess, but it would be tough to argue that adoption of blockchain is going away anytime soon. The excitement around the use of blockchain as a way of sharing and transmitting data seems to be growing. This is easily seen by the staggering increase in investment in the technology as industries around the world try to find ways to take advantage of the benefits of blockchain. In fact, many believe this technology will transform banking and cybersecurity as we know it.
What is Blockchain?
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