Asset Transfer Revolution: Who Manages The Bitcoin Blockchain For The Long Term?

By September 7, 2016Bitcoin Business

Glenbrook and PSCU have released a white paper “ Blockchain and the Credit Union – The Asset Transfer Revolution .” The authors hope that this white paper will shape the future use of the Blockchain in the credit union industry. PSCU has been providing traditional as well as online services to credit unions, representing at least 800 credit unions. Glenbrook is a payments industry strategy consulting and research firm. Credit unions have an important role to play in the world of finance. They are a service provider whose primary motivation is the satisfaction of their members, rather than profiteering. Keeping up to date with technology can help those credit unions who are based on the co-operative movement stay relevant. Blockchain governance is a sticking point The white paper discusses the various features and benefits of the Blockchain, examining the way the Bitcoin Blockchain is functioning. They believe that while the Blockchain system by itself is “resilient to faults” the important question is “Who manages the Blockchain for the long term?” The white paper states: “The Bitcoin experience is a case in point. While the software does its transaction processing tasks reliably, the decision-making process around upgrades to that software and the overall evolution of the Bitcoin system is nearly broken. Decision-making is shared by a handful of software engineers who are unable to agree. This has led to a planning stalemate which remains unresolved.” This imbriglio, according to the authors of the white paper, make this type of a governance model untenable. The paper is clear that some human intervention is useful in a commercial setting. Blockchain has a wide swathe of applications for credit unions As far as credit unions are concerned, the white paper has narrowed down a number of real world applications where Blockchain technology can […]

Leave a Reply

All Today's Crypto News In One Place