Blockchain Technology Isn’t Just For Cryptocurrencies Anymore – EIN News | Jewelry Dukan

Larry Thompson is an expert in blockchain technology.

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TAP Financial Partners is a privately held boutique merchant bank providing advisory, restructuring, origination, fulfillment and uplisting services to a select group of small and medium-sized businesses.

Blockchain has revolutionized fintech, making business more accessible and affordable for consumers and businesses, but that’s not the only impact it’s having.

The future of blockchain is almost as limitless as the innovative minds using it, with healthcare record-keeping, research and supply chain streamlining being particularly active.”

— Larry E. Thompson

MIAMI, FLA., Sept. 7, 2022 / — These are volatile times for cryptocurrency, a commodity like many others, with prices rising and falling based on demand. While consumer behavior during the COVID-19 lockdown in 2020 drove the digital currency’s value higher, it has seen a notable decline since the beginning of this year. Such is life for those who choose to invest and trade for speculative purposes.

What cannot change, however, is the impact blockchain technology is having and will continue to have on industries large and small. Blockchain, the electronic information storage system that provides a secure and trusted record of transactions for Bitcoin and other cryptocurrencies, has revolutionized fintech, making business more accessible and affordable for consumers and businesses, in large part by eliminating the middleman (i.e. traditional banks) . .

With its data already secured and a decentralized, easily searchable record of transactions, blockchain eliminates the need to give a bank a “part of the action” just to reconcile the finances of those doing business with each other. A simple example is the person looking for a home loan that can go directly to an online lender that doesn’t need and has the overhead traditionally associated with a brick and mortar bank.

In addition to the potential cost savings for the end user, blockchain-based systems are more convenient and secure for those who use them, given the ability to transfer value online no further than with an app on a smartphone. In addition, because the data is constantly verified, the new(er) system is more secure than debit and credit card transactions, which require the user to provide sensitive financial information that can be compromised or stolen, as is the case with identity theft.

The future of blockchain technology is almost as limitless as the innovative minds using it – with health record keeping, research and the streamlining of supply chains particularly active – and while it will always be the foundation of cryptocurrency, it is clear that it will has grown beyond that.

By the way, none of this should make you fear for the future of the traditional financial industry if you’re someone who represents Goliath. They are already adapting, adopting best practices, in some cases replacing employees and operating more efficiently.

The ones I worry about are the Davids, the individuals and companies who are drawn to blockchain technology for all of the reasons mentioned, but don’t have the financial literacy to use the multitude of tools without getting ripped off to become. The educational aspect is, I believe, key to greater global acceptance and use by the masses, who can benefit from progress without being taken advantage of by the unscrupulous.
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Larry E. Thompson is Chairman of the Advisory Board of TAP Financial Partners.

Thompson, who is now semi-retired, spent most of his career as an executive at the Depository Trust & Clearing Corporation (DTCC), a provider of post-trade market infrastructure to the global financial services industry. His focus during this time was to automate, centralize and standardize processes related to financial transactions, reduce risk, increase transparency and increase efficiency for thousands of broker/dealers, custodians and wealth managers worldwide.

Stu Opperman
TAP Financial Partner
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