The world is still figuring out what blockchain and cryptocurrency are, and what societal applications the emerging technologies have.
If society at large is still trying to figure it out, so are credit union members. Dr. Lamont Black, an associate professor of finance at DePaul University, believes credit unions can live up to their mission of financial well-being for all by helping members through this process.
“Credit unions’ key value proposition regarding crypto is as a source of trust. There are people that want to engage with crypto, but it’s difficult, it’s scary. Many of them may look to you to say, ‘Hey, can you help me figure this out? Should this be part of my portfolio?’ ” says Black, who spoke Sept. 23 at the 2022 CUNA Operations & Member Experience Council and CUNA Technology Council Conference in Las Vegas. “Help them learn and explore.”
While credit unions can immediately begin teaching members about cryptocurrency and how it fits into a wealth management strategy, education and investment aren’t the only applications.
“It’s not just a number that goes up and down on my phone and then I’m either happy or sad,” Black says. “That’s not crypto. It’s so much bigger than that.”
Cryptocurrency is just an application on a platform. The platform—and what Black considers the true technological advancement—is the blockchain. The decentralized ledger allows for shared recordkeeping that opens possibilities for many more applications.
Continue reading: https://news.cuna.org/articles/121559-looking-down-the-blockchain
If society at large is still trying to figure it out, so are credit union members. Dr. Lamont Black, an associate professor of finance at DePaul University, believes credit unions can live up to their mission of financial well-being for all by helping members through this process.
“Credit unions’ key value proposition regarding crypto is as a source of trust. There are people that want to engage with crypto, but it’s difficult, it’s scary. Many of them may look to you to say, ‘Hey, can you help me figure this out? Should this be part of my portfolio?’ ” says Black, who spoke Sept. 23 at the 2022 CUNA Operations & Member Experience Council and CUNA Technology Council Conference in Las Vegas. “Help them learn and explore.”
While credit unions can immediately begin teaching members about cryptocurrency and how it fits into a wealth management strategy, education and investment aren’t the only applications.
“It’s not just a number that goes up and down on my phone and then I’m either happy or sad,” Black says. “That’s not crypto. It’s so much bigger than that.”
Cryptocurrency is just an application on a platform. The platform—and what Black considers the true technological advancement—is the blockchain. The decentralized ledger allows for shared recordkeeping that opens possibilities for many more applications.
Continue reading: https://news.cuna.org/articles/121559-looking-down-the-blockchain
