first_imgIn the world of financial technology, things can move quickly, and keeping up with the latest trends and activities can be a monumental task. One of the latest and most promising industry trends is the use of blockchain, a shared digital ledger of transactions.What is blockchain?Blockchain first came to recognition as the foundation of the cryptocurrency bitcoin. Bitcoin uses blockchain to structure, verify, and keep track of all bitcoin data. Blockchain is made up of blocks of transactions chained together and shared with the entire network. In the credit union world, the blocks are essentially transaction statements, chained in chronological order and visible to all participants in that banking system. A blockchain serves as a full digital ledger of all transactions.Blockchain securityWhile blockchain may be used to assist and increase efficiencies in a number of industries, blockchain’s tamper-proof security offers huge advantages to credit unions in particular. Due to blockchain’s cryptography, data validation requirements, and time stamps, it’s next to impossible to manipulate data in a blockchain. Data entered in a block cannot be changed, and transactions cannot be reversed. When blocks are added to the chain, another layer of security makes it even more unlikely anybody could disrupt any portion of the data. Here’s how blockchain keeps financial information safe:Blockchain distributes information on a need-to-know basis. Detailed financial information is available only to the parties involved in a specific transaction.General ledger information about every transaction is available to the entire network, providing transparency and the opportunity for all network members to verify that transactions are handled correctly. Each network participant is able to change its own data only; since no member is able to change the overall ledger, all participants enjoy the highest level of security.How credit unions can use blockchainThere are a number of potential uses for blockchain technology in credit unions:Credit unions could realize substantial savings in staff hours, audits, and document storage requirements by using blockchain’s digital ledger in place of their own transaction records.Blockchain could be used to make retail payments and payments between countries faster, more efficient, and more secure.Blockchain’s ledger and detailed transaction data could be used to verify the sale and purchase of securities.The future of blockchain in credit unionsIf you’re investigating blockchain or considering using blockchain technology in your credit union, you’re in good company. According to a report by IBM, 15% of banks expect to use blockchain commercially this year. Blockchain may provide a smart way to cut costs while retaining the records required in the highly regulated credit unions world. In a study of eight top world banks, Accenture suggested that blockchain may help banks cut operational costs by 30%! For additional information on the current state of payments and regulations, download our new ebook, Meeting Consumer Self-Serve Payment Demand. 47SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Brad Young As COO of The Financial Institution Group’s AutoPilot® Services, Brad Young manages and consults on all aspects of SWBC’s suite of risk and account management services, including collections, … Web: Detailslast_img read more

first_imgOn the occasion of the second HoReCa MeetUp to be held on Tuesday, April 10, starting at 09:30 a.m. at the HUB385 Innovation Center, METRO, in collaboration with Hendal, conducted a survey on the use and impact of digital channels in the HoReCa sector.The survey found that 56 percent of hotels, restaurants and cafes have their own website, and 72 percent of them are present on Facebook, with more than 85 percent of hoteliers and caterers believing that the website and Facebook page have influenced the increase in the number of guests.Hotels are most present on digital channels – nine out of ten hotels have a website, and more than 76 percent are present on Facebook. When it comes to the impact of digital channels on the number of guests in hotels, Facebook and the website have a significant impact.Among restaurants, the digital presence is most significant on Facebook – eight out of ten restaurants have a Facebook page, while six out of ten have a website. Also, 41,3 percent of restaurants believe that the Facebook page has contributed to a significant increase in the number of guests, while 29 percent attribute the same to the website.Cafes that focus on Facebook have the weakest digital presence – six out of ten cafes have a Facebook page, and four out of ten have a website. At the same time, 13 percent of cafes intend to launch a website soon.”Precisely because of the significant impact of digital presence on their business, METRO will present digital solutions at HoReCa MeetUp that will enable hoteliers and caterers to create this hosting website for free and easily, as well as use the free online booking application.” stand out from Metro CroatiaArnd Stoehr, Director of Strategic Development of METRO AG, talks about the importance of innovation and digitalization for the HoReCa sector, and the results of the entire research will be presented by Roberto Mancuso, President of the Management Board of METRO Croatia. METRO will also present digital trends in the HoReCa sector as part of a round table with the participation of representatives of the HoReCa industry.</p>
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