The Future of Blockchain
Updated: Nov 19, 2019
Blockchain is at the forefront of a technology revolution. Like any revolution, the path to get there is not easy, it is confusing, horrifying, and ever evolving. The purpose of this article is to provide you a high level of education of Blockchain Technology.
What is Blockchain?
Blockchain is not bitcoin or a hacking system. It’s a digital record keeping network.
Let’s think of Blockchain like a crossword puzzle. A letter in one block is connected with another to form a word or a phrase. Each letter gives you a clue. In Blockchain technology, each block contains a specific ledger that is chained up with another block of ledger to form a transaction trail. That’s how I would describe it.
What are the main Strength, Weakness, Opportunities and Threat?
Strength: Blockchain is great for Fintech.
(Financial Technology) Blockchain is already being implemented in payment systems, cryptocurrency, real estate contracts and other smart contracts. The transaction storage in each block is transparently and easily verified. Therefore, the growth momentum is still going strong.
Weakness: Lack of public education.
The 2019 poll by London based Ernst & Young found that 68% of business executives don’t trust this technology, nor do they understand it either. So, building trust and awareness is still a challenge today. It is also unknown whether there is an alternative network back up in case of system malfunction.
Opportunities: More room for market expansion.
The Blockchain application can be implemented in many other types of business transactions. It can be used in voting systems, logistical systems, medical research, supply chains, city planning and energy saving. When paired with a secure and reliable global network, it can achieve a data decentralization for many businesses.
Threat: Government inability to keep up the pace.
FinCen (US Financial Crimes Enforcement Network) must have a consistent policy and procedure with a centralized regulatory approval standard. Although SEC and FBI has put a focus on cryptocurrency and Blockchain technology this year, there is no universal compliance standard to control the risk for abuse such as money laundering.
Ironically, this technology can do many great things or many bad things. After all, we should stay open minded, alert and continue to increase our knowledge base about this evolving technology.
Kimmy Wan has more than 20 years of experience in financial services industry.
Kimmy was a Vice President-Sr. Financial Consultant, Manager of Asia Pacific Relationship Management and a Mutual Fund Operation Analyst for Financial Corporations. Kimmy is a wealth advisor helping those who are retired as well as those planning for retirement. She graduated from California State University, Sacramento in 1998 with a B.S. degree in Finance and Economics and then obtained her MBA in Finance from the University of Phoenix.
Kimmy specializes in modern portfolio management, risk management, financial planning, and investment strategic planning.
There are no warranties implied. All investments are subject to risks, including the possible loss of the money you invest.
This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. Any views or opinions expressed may not reflect those of the firm as a whole. KW Wealth Management reserves the right to amend or change the content at any time and for any reason at its discretion.
KW WEALTH MANAGEMENT (“RIA Firm”) is a registered investment adviser located in Sacramento CA. KW WEALTH MANAGEMENT may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. KW WEALTH MANAGEMENT’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of KW WEALTH MANAGEMENT’s web site on the Internet should not be construed by any consumer and/or prospective client as KW WEALTH MANAGEMENT’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by KW WEALTH MANAGEMENT with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of KW WEALTH MANAGEMENT, please contact the state securities regulators for those states in which KW WEALTH MANAGEMENT maintains a registration filing. A copy of KW WEALTH MANAGEMENT’s current written disclosure statement discussing KW WEALTH MANAGEMENT’s business operations, services, and fees is available at the SEC’s investment adviser public information website – www.adviserinfo.sec.gov or from KW WEALTH MANAGEMENT upon written request. KW Wealth Management does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to KW WEALTH MANAGEMENT’s web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.
This website and information are provided for guidance and information purposes only. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy. This website and information are not intended to provide investment, tax, or legal advice.
KW Wealth Management maintains a social media presence on Facebook and LinkedIn. However, KW Wealth Management is not affiliated with LinkedIn and Facebook. Please note that review or opinions posted by followers or third parties on KW Wealth’s Facebook and LinkedIn pages do not represent the views of KW Wealth Management or its management. KW Wealth does not control or endorse any content may post to the website.
2019 KW Wealth Management All rights reserved.