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Blockchain’s Impending Impact on the Credit Union Industry

Distributed ledger technology can help with efficient transaction completion and proving identities.

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Blockchain

Blockchain is reshaping industry operations around the world. From supply chain management to insurance claims processing, this new technology has impacted nearly every sector and business – including credit unions.

While self-sovereign identity is one of the most well-known use cases of blockchain in banking operations, this application only exhibits a portion of blockchain technology’s potential. The underlying technology for blockchain, distributed ledger technology (DLT), provides credit unions with a decentralized network, meaning it relies on scattered nodes instead of a centralized location, which each credit union or identity holder can access. Since DLT relies on having multiple independent nodes, credit unions using this type of network can leverage the connectivity to radically increase efficiencies in everyday operations, including modernizing call center operations, improving the onboarding process and addressing challenges faced with cross-border payments.

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