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quick tech talk
with steve yoss
cpe today
blockchain technology, at its core, is all about record keeping. and if we think about accounting, accounting is just an agreed-upon set of principles for record-keeping gaap: generally accepted accounting principles. blockchain is a way to keep track of information, no different than how an accounting system keeps track of information.
it has some specific principles, such as immutability, meaning it can’t be modified or deleted once you create a record. it also has certain principles around transparency, such as anybody can examine a public transaction from a blockchain such as bitcoin, aetherium, and others.
one major aspect of blockchain technology is cryptocurrency, such as bitcoin, aetherium, and others. most of that is pretty unregulated. there are some loose regulations, mostly on the network’s edges, regarding how money gets into or out of the crypto markets. but bitcoin runs the way bitcoin runs, and all the similar public blockchains are all the same. so, it is super important for financial professionals to know how to use these tools and technology effectively because it’s the wild wild west for our clients using crypto. i would dare say none of us are our blockchain experts; many of us understand and are familiar with how the technology runs. but it’s still such a new way of tracking information that we’re all still learning as we go, including our federal and local governments. most of the legislation, compliance, and regulatory frameworks relating to this are lagging far behind where the technology is at this second. so it’s incredibly important for us, as financial professionals with clients operating in this space, to educate ourselves the best we possibly can because our clients will be looking to us to help understand what they should and should not do.