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BLOCKCHAIN & CRYPTOCURRENCIES

Blockchain and cryptocurrencies are currently dominating the media and many discussions in the wealth management community. In this article Mark Estcourt, Founder & CEO of Cavendish Family Office, explores this (relatively) new technology which is believed to be able to revolutionise the way we transact and trade.

There are so many people discussing blockchain today that the terminology has become incredibly confusing. It has, in other words, become a madness of markets with everyone talking about it and few understanding it. The only agreement is that this is a shared system, which means that more than one player has to be in the game for a blockchain development to work.

There is also the whole issue around the rise in cryptocurrencies which has given the topic an added spice and has led to some interesting comments from the likes of Jamie Damon (CEO of JP Morgan) to call it a “fraud”.

I will therefore endeavour to give a high-level overview to the current situation and hopefully prompt an enthusiasm for more information. In other words, I can only scratch at the surface for this article.

What is Blockchain?

Currently, most people use a trusted middleman such as a bank to make a transaction, but blockchain allows consumers and suppliers to connect directly, removing the need for a third party, in a digital format.

Using cryptography to keep exchanges secure, blockchain provides a decentralized database, or “digital ledger”, of transactions that everyone on the network can see. This network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded.

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Family Office Investor Issue 2