Tim McCausland: preparations for the rise of blockchain technology – News – recordonline.com

Last April, JP Morgan and the National Bank of Canada (NBC) issued a debt test using blockchain technology

. It was not the first test of its kind, but it was the first to involve a major Wall Street Company like JP Morgan.

In essence, NBC issued a "real" $ 150 million CD with a parallel issue of the bond to blockchain debt as a test.

The blockchain transaction was designed to mimic the real deal with respect to the origin, settlement, payment of interest rates and other processes.

Why is this noteworthy?

Because it's a further test of the inexorable impulse that is taking us into a world where blockchain technology dominates our lives – and probably in ways that have more impact than the Internet today.

According to all credible reports, we are probably 5-7 years from the ubiquity of the blockchain.

Some will say, "I do not even know what the blockchain" or "Isn t that Bitcoin is? "

It is understandable that people are confused or, perhaps, hesitant in exploring what is blockchain or what it can do.

But, if you were alive in 1990 and someone asked you to describe the world Wide Web is coming, you would probably shrug your shoulders, unless you were Mr. Gates or Mr. Jobs.

Suffice it to say that it might be a good idea to read the subject.

Yes, There is a "Blockchain for Dummies" available on Amazon and Kindle, but think of the blockchain as a ledger of accounts that looks like a giant chessboard with millions, perhaps billions of squares.

And all & # 39; inside each square is a piece of information – a concealer – that can not be changed, but that everyone who has access to the chessboard can see.

If you own that square (or square), only you can move the corrector;

Complicated, but elegant.

Beyond the Academic cession involved in blockchain learning – especially if you are a young person exploring your career options – it is worth investigating the occupations and businesses that will be materially influenced by blockchain technology.

The list is long, but thinks of any business or profession that acts as an intermediary for information.

This information could include your bank / investment accounts, payroll information, taxes, property history, estate planning documents, driver's license, etc.

Each bit of the information vault one has can be stored securely on a blockchain ledger with easy access and manageability.

Just touch the basics of what blockchain can offer to individuals, businesses and governments.

As soon as blockchain technologies spread among the masses, artificial intelligence and machine learning will be stratified above and influence the mechanics of each master blockchain.

From the first industrial revolution (we are at the beginning of the fourth), humans have sought greater efficiency from the machines they produce.

Efficiency equals time savings and time savings equate to cost savings.

It is no different with blockchain. The savings on the costs of the debt offer of JP Morgan compared to the real one: 99.9 percent.

Just say.

Tim McCausland is CEO of private banking for Orange County Bank & Trust Co. Can be reached at tmccausland @ orangecountytrust.com.

Source link