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The advancing technology has created a large portion of digital assets for individual and businesses. These could include financial and non-financial accounts, electronic communications, digital collections, rewards programs and “terms-of-service agreements”. In the absence of coordinated list of such assets and lack of Federal and State Laws, access could be prohibited and / or limited even to the Fiduciary. We can assist in creating and maintaining such list.
As a business, individual, or family, you need to keep track of your assets for valuation and reporting purposes. The asset inventory also helps in retirement, financial and estate planning and has implications on healthcare, qualification for Medicaid, estate and inheritance taxes.
In today’s technological world we also have digital assets such as our online and social media accounts and any files we’ve obtained the right to use. These less tangible items can have value and yet be more easily forgotten as time passes.
Examples of fixed assets include heirlooms, real estate, and leased or owned vehicles. Items owned by a business, big and small, must be located and reported. These items can also indicate the financial strength of a business for obtaining financing.
Blockchain is not bit coin. Blockchain is a new form of digital infrastructure, contributing to a secure digital future. Since it is a new technology, in order to realize its full potential, a lot of pieces need to exist before the effects can be realized. There is an unprecedented level of collaboration required. Blockchain is a Peer-to-Peer Distributed Ledger consented to by the parties involved, write-only data structure. Blockchain is designed as a data structure where each block in the chain locks in the value of the previous block. The most powerful and convincing reason to deploy blockchain-based solutions for a variety of processes is immutability (unchanging over time) of the data feature. There are no administrator permissions that allow editing or deleting of data. Blockchain is not a database.
There are challenges to adopt blockchain due to lack of knowledge, standards relating to security, privacy, data governance, end-user identity, inter-operability and regulations. Thus, blockchain has several vulnerabilities different than the standard cybersecurity.
Our professionals can assist in deploying the blockchain technology in the area of governance, accounting, financial transactions, code security, identity management, and asset ownership.