What is a blockchain?
If you have been following the volatile cryptocurrency market, you may have heard the term “blockchain.” To many, the concept may seem complicated, and while it is a new idea in banking, the core concepts behind blockchain databases are quite simple.
A blockchain is a type of database that stores information electronically. The thing that separates a blockchain from a regular spreadsheet is how secure it is. A blockchain features decentralized storage. First, picture centralized storage as a bank vault. It is secure, but if someone breaches the vault, they will have access to an entire fortune. De-centralized storage, instead, is a series of safety deposit boxes that are spread across multiple banks in multiple countries on multiple continents.
It would be physically impossible to access the entire fortune at one time. Even if a thief were able to access a portion of the fortune, they would never gain access to it in its entirety. That manifests digitally in the form of an entire network of computers. When a change is made in a ledger, a record of the transaction is made on every computer on the network. If one thing has been tampered with, it will immediately be seen everywhere in the market. No one is in charge, no one has a master key, and therefore the system is all but incorruptible.
The issue at hand is that this type of digital banking is very new. It is international, and it is difficult to pin down in terms of value and legality. To keep your assets protected, you are going to need a legal team on the razor’s edge of this type of technology.
The Jafari Law Group makes it a point to go after and maintain a sophisticated understanding of FinTech and Blockchain. These concepts may be new, but we anticipate that they will soon be the new normal. Innovative companies and investors are jumping on the bandwagon now, and they need a forward-thinking legal team looking out for their rights.
You will get nothing but forthrightness and expert advice from the Jafari Legal Team. Trust us to handle your digital currency. We will update you on changes in technology and the industry as it evolves, and together we will blaze a trail into the future of global transactions.