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Contrary to popular belief, distributed ledger technology (DLT), commonly known as blockchain, has more use cases for financial institutions than just cryptocurrency. Particularly, DLT has many practical applications in payments and digital transactions. Within payments, DLT can be used to prove a consumers’ identity to reduce identity fraud, improve the cost and speed of international payments, all while adding valuable additional layers of cybersecurity.

When CUSOs are formed to allow credit unions to keep pace with or gain advantage on the innovation front, funding follows a different path. The successful capital campaigns of Constellation, Raleigh, N.C., and CULedger, Denver, may offer a pattern for future organizations intent on developing artificial intelligence or robotics solutions for credit unions—or whatever the next big thing in technology may be. 

In 2017, there were 16.7 million fraud victims in the United States, which cost more than $16.8 billion in losses across all industries. Within the financial industry, Cornerstone Advisors found that 46 percent of bank and credit union CEOs ranked cybersecurity as their number one concern for 2018. Positive authentication through any member interactions is one of the most crucial elements of a strong cybersecurity program.