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Can the security, efficiency, and speed of blockchain technology be as transformative to business and individuals as the internet?  Some analysts see blockchain having the power to reorder and transform everyday transactions for both businesses and individuals.

This year I will celebrate my 38th year in credit unions. The year I began my career as a teller at Pacific NW FCU in Portland, Oregon Jimmy Carter was the president. The Consumer Checking Account Equity Act had just been passed allowing credit union members to access their share balances by writing drafts on their accounts. Mortgage rates were at their all-time high of 17% in an attempt for the Federal Reserve to wage a war on inflation. NACUSO hadn’t been formed yet. Every State still had their own trade association. Mergers were unheard of. There was no such thing as a smartphone, or mobile banking or P2P payments. It all revolved around the branch, cash for P2P payments and the good old US Postal Service.

An article in the October issue of Wyoming Business Report highlights the fraud prevention potential of CULedger, a credit union consortium supported by the efforts of CUNA and the Mountain West Credit Union Association (MWCUA). 

Bitcoin, a new digital currency utilizing blockchain payment technology, first hit the open market eight years ago in 2009. But many still overlook the fact that blockchain technology has far more applications than meet the eye.