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Posted: Jul 27, 2016
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Author: Tom Davis

In part 1 of our 2-part article on bitcoin and blockchain, we attempted to shed some light on what bitcoin is and why users around the globe are showing interest in adopting the cryptocurrency and its underlying blockchain network.  It is important for credit unions to know more about blockchain as a global cyber technology so that you are fully prepared to capitalize on its benefits when presented.  As we discussed, blockchain technology is a critical part of the bitcoin network but blockchain does not necessarily need bitcoin to provide utility as a standalone network. How bitcoin fares as a crypto currency in the global economy is anyone’s guess, but it would be tough to argue that the adoption of blockchain is going away anytime soon. The excitement around the use of blockchain as a way of sharing and transmitting data seems to be growing.  This is easily seen by the staggering increase in investment in the technology as industries around the world try to find ways to take advantages of the benefits of the blockchain.  In fact, many believe this technology will transform banking and cyber security as we know it.

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