Chewing on some thoughts you would like to share with the group? Send all comments and feedback to Bret Weekes and we’ll post them here.
Digital Asset Management Focus Group
Digital asset conversion began in the early 1990’s when the first-generation digital transaction management (DTM) solutions for in-branch electronic form capture, signing and image lifecycle management became available. In June of 2000, Congress enacted the Electronic Signatures in Global and National Commerce Act to facilitate the use of electronic records and signatures in interstate and foreign commerce by ensuring the validity and legal effect of contracts entered electronically.
Digital assets are authentic, electronic originals of a guarantee between two parties, signed and completed entirely electronic with all due formalities associated with ESIGN and UETA. The digital asset possesses a residual monetary value, which may be sold or transferred. Digital assets require registry and secure eVaulting for warranty of authenticity, security, collateralization and transferability.
Digital Asset management is the ability to preserve the authenticity and ownership, with due formalities respecting lien-holder interests, of the digital asset by providing a secure eVault that records and manages all audit, security and authenticity requirements and history of the digital asset. Options to credit unions are limited; only systems outside the credit union market are available today.
Questions to consider:
- Research suggests the volume of eClosings has reached a point of inflection for the credit union industry. The industry has crested the early adopter stage and is well into the early majority stage for the acceptance of eClosings innovation. Does this focus group believe the topic of digital assets warrant a passive or active approach in our networks?
- FHLB has started a chain reaction for credit union consumer lending practices. How long will it be before the corporate network is required to have the same assurances and warranties?
- I believe this group of participants possess the thought leadership, market share and capital to collaboratively author a disruptive innovation that will be critical for future sustainability. Do you?
What do you think?
- Our research on consumer behavior supports the conclusion that eClosings will continue to increase in volume and frequency. The appetite for remote eSignature convenience will not retreat; consumer and business economics will only increase utilization of eClosings. What do you think?
- There is nothing in the foreseeable future that suggests legal, regulatory or business requirements for parties entering into guarantees will have a material change; the requirement for eNotes will continue and grow in both utilization and standards enforcement. What do you know that we don’t?
- eDOC has developed a conceptual design for an industry registry that rides on industry owned rails of technology; a permission based, distributed registry ledger for digital assets. Advancements in technology in recent years now make possible, what was once thought extremely difficult, or even impossible. Are you ready to be an active participant?
- Sustainability is most likely achieved as the author and disruptor of innovation. Those who choose to wait are most likely those that are disrupted.
Tell Us Why We are Wrong…
Below is a collection of information, articles and videos for your review as preparation for our sessions.
Take a tour of our kick-off meeting slide deck.
Watch this video to learn the FHLB’s definition of eNotes.
Legality of eNotes White Paper
The diffusion of innovations according to Rogers. With successive groups of consumers adopting the new technology (shown in blue), its market share (yellow) will eventually reach the saturation level. In mathematics, the yellow curve is known as the logistic function. The curve is broken into sections of adopters.