ST. PETERSBURG, Fla.–PSCU said it has joined with payments industry strategy consulting firm Glenbrook Partners to publish a white paper on blockchain technology and its potential for credit unions. The white paper is available here.
In addition, PSCU is also hosting a related webinar on October 5.
“We believe this white paper is a giant step towards the ultimate application of blockchain technology in solving multiple operational and logistical challenges facing credit unions today,” said PSCU CEO Chuck Fagan. “The collective voice of the credit union industry reflected in this research will help shape future use cases for blockchain in our industry. The collaborative effort of the credit unions, industry advocates and partners involved in the CULedger initiative represents the most appropriate approach to achieving greater efficiencies in areas that are central to credit unions¹ core business interests.”
CULedger is a collaborative effort among CUNA, Best Innovation Group, the Mountain West Credit Union Association, PSCU and other companies on blockchain operation and the piloting of potentially useful applications.
The white paper examines the applicability of blockchain technology to the credit union industry. Glenbrook Partners interviewed credit union leaders from across the country to build a credit union roadmap for each topic. The resulting discussions found a significant awareness of blockchain technology and much ongoing dialogue about the technology¹s applicability to the credit union industry, PSCU said.
“Credit unions have good reason to be excited about the potential of blockchain technology,” said George Peabody, Partner at Glenbrook Partners. “It may function as an asset custodian, improve record keeping, support remittance and settlement functions, and even automate contracts. While these are early days in blockchain technology development, the emerging applications based on this new approach could alter how assets of many kinds are transferred and tracked. It¹s time to pay attention.”