HERNDON, Va.–The promise Blockchain holds for helping the average worker on Main Street as well as underserved communities was the subject of a panel discussion that was part of NCUA’s DEI & Access Summit here.
The panel included Cleve Mesidor, executive director of the Blockchain Foundation, and Becky Reed, CEO of Lone Star Credit Union. It was hosted by NCUA Vice Chairman Kyle Hauptman, who has been outspoken in expressing support for new technologies, including Blockchain.
‘Completely Democratizes’
“Blockchain technology will benefit both our diverse communities at home and far-reaching communities abroad,” Hauptman said. “The ability to automate payments, 24/7, across borders, completely democratizes the financial system.”
Among the issues discussed was how Black and Hispanic communities, which previously have had less engagement with traditional finance, are now leading national adoption of crypto. The panel further discussed how digital ID technologies could permeate credit union ‘know-your-customer’ processes and help credit unions mitigate fraud and risk.
“It’s Main Street who will benefit the most from cheaper, faster payments,” said Hauptman. “Blockchain technology will benefit both our diverse communities at-home and far-reaching communities abroad. The ability to automate payments, 24/7, across borders, completely democratizes the financial system.”
Other Points Made
Other points made during the panel included:
- “Communities of color are currently the largest holders of cryptocurrency,” said Mesidor. “The more financial products and services there are, the more inclusive the financial system can become.”
- “Not only will self-sovereign digital ID help credit unions mitigate fraud and risk, but this technology will give vulnerable, at-risk communities a chance to own their identity and finally receive service,” said Reed, who added that 25% of her credit union’s operating expenses are payments-related
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