Stepping Into the Future

NAFCU gives credit unions a voice in blockchain technology

Blockchain

Seeking to ensure credit unions a role in shaping tomorrow’s marketplace, NAFCU last fall became the first U.S. financial industry trade association to join Hyperledger, an open-source, global collaboration effort to advance cross industry blockchain technologies hosted by The Linux Foundation.

Blockchain, a type of distributed-ledger technology originally deployed to support Bitcoin, is under study by more than three dozen consortia worldwide, 26 of them in the financial services space, according to Deloitte. Their goal is to discover ways that entities and institutions can use blockchain to achieve efficiencies and reduce compliance costs related to a range of transactions. For the financial industry, the possibilities include blockchains for cross-border payments, loan settlement, collateral management, escrow services and, among other things, real-time payments.

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From the January - February 2018 edition of The NAFCU Journal magazine.