WASHINGTON–On Thursday CUNA will host for its affiliated credit unions a webinar on blockchain technology as part of the CU Ledger Initiative, in which it is being joined by the Mountain West CU Association and its Round Table credit unions.
The webinar will be led by CUNA Chief of Staff Rich Meade, who has also been heading up the efforts around blockchain.
Blockchain is a shared ledger technology, which creates an online system through which two parties can securely exchange information with those exchanges certified by all the organizations—called nodes—participating in the network using the technology. It is the technology that underlies bitcoin.
“We are doing a proof of concept for a blockchain platform, a private credit union shared ledger,” said Meade. “If we can do that we think there are lots of platforms that will run on this—titling, lending, and other things—that will increase the speed and efficiency around credit union data, while reducing costs. We are inviting all CUs to be part of the demonstration, including proof of the security. We think this will enhance credit union security, and we need to prove that.”
Registration is currently open for the webinar, which is scheduled for 3:30 to 4:30 p.m. ET. Also presenting is John Best, CEO of Best Innovation Group.