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.

The ability to manage data “blocks” and “chain” them together through a distributed ledger, without the need of an administrator, all while providing transparency and security is appealing to disruptors in the payments, insurance, and identity industries.

Nevertheless, you can’t talk about blockchain without bitcoin.

Bitcoin beware

Bitcoin is to blockchain as “Kleenex” is to facial tissues, and for good reason. Bitcoin was the first successful application of the underlying blockchain technology concept.

And now, some credit unions are starting to wonder if they should get into the bitcoin business, too. While it may seem promising, there are five reasons credit unions should proceed with caution:

 

continue reading »