Trends In Technology (Part 1)

The confluence of technology, research, capital, and optimism has given rise to a frenetic pace of innovation.These four will have far-reaching effects on credit unions everywhere. Part 1: Blockchain.

 
 

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The confluence of technology, research, capital, and optimism has given rise to a frenetic pace of innovation and subsequent sense of uncertainty as lawmakers, business leaders, community advocates, and regular citizens wonder about the implications of these innovations for businesses, individuals, and society.

This "Trends In Technology" series highlights emerging trends via visual, easily digestible overviews that cooperative teams can use to kick-start strategic discussions. All of these technologies are poised to impact the credit union industry; now's the time to build a framework that will allow the cooperative movement to thrive in a new marketplace.

Need help taking the first steps? Callahan & Associates is here to help. Using industry data, a network of leading executives, and more than 30 years of experience in the credit union industry, Callahan helps leadership teams think differently about framing challenges and developing answers. Learn more today.

 
 

Jan. 29, 2018


Comments

 
 
 
  • Not saying the current system is efficient, invulnerable, or error free, but the author asserts that blockchain is resilient, efficient, secure, and consistent. Why is that so? If it is so secure, why are we reading about all the crypto currency thefts that have lost millions to cyber thieves? What about the possibility of losing your public key and thereby losing access to funds? Why couldn't this happen to mortgage documents, titles, etc.? What about all the electricity being used to mine bitcoin or verify block chain transactions? Is this really environmentally friendly?
    Anonymous
     
     
     
  • Thanks for bringing up some great points and continuing the conversation! It is important to approach blockchain in a binary manner, meaning differentiating between cryptocurrency and the underlying technology behind cryptocurrency, which is the blockchain. The blockchain has numerous business use-cases that financial institutions and corporations are investing in to advance from proof of concept to application. Stay tuned for a Callahan industry webinar around blockchain technology providing more context to this article and how Callahan Consulting sparks strategic conversations around these emerging trends.
    Ian Melhorn