Are You Preparing for the Blockchain Tsunami?

For credit union boards and executives, the greatest risk is not being adequately informed and not taking action, and then becoming overwhelmed by a tsunami of change. Blockchain technology could just be that huge wave on the horizon. For board members and those in or near the C-suite, a level of knowledge about blockchain is needed for forward-thinking strategic conversations.

The press surrounding Bitcoin’s remarkable valuation increase and volatility generally misses the larger story of the transformation potential of blockchain technology. The first assets recorded on a blockchain were digital currencies and Bitcoin was first of these. But blockchain has the potential for high impact in a number of industries by reducing or eliminating the need for intermediaries that record and secure data, and doing so far more inexpensively. A Deloitte study stated by 2022 financial services industry savings are projected to reach $15 to $20 billion annually.