From its office in Clayton, Missouri, Danna McKitrick, P.C., delivers legal representation to new and growing businesses, financial institutions, non-profit and government-related entities, business owners, individuals, and families throughout the greater St. Louis region and the Midwest.
Danna McKitrick attorneys practice across many areas of law, both industry- and service-oriented.
Over the last two years, research has found between 13-16% of Americans have at one time owned cryptocurrency. This falls squarely into the Early Adopters Category and is approaching Early Majority. While many are still skeptical of cryptocurrency, the underlying technology is likely here to stay due to the multitude of uses beyond cryptocurrency.
The history of crypto and blockchain began when a white paper was released in 2008 by the pseudonym Satoshi Nakamoto which laid out the concept of bitcoin and the underlying blockchain which made it functional. While the code and formulas that run blockchain are far too complex for this article, the concept boils down to this: Blockchain is a digital ledger kept by numerous decentralized computers which solve formulas to validate the authenticity of transactions and add them to “blocks” on the chain. This ledger is secure due to the large number of independent sources validating each transaction and maintaining the chain which may be reviewed at any time by anyone.
This concept of decentralization is what helped drive its popularity following the great recession of 2008. But where can this technology be utilized outside of cryptocurrency?
Earlier this year, the California Department of Motor Vehicles announced it is testing the use of blockchain to digitize vehicle titles which could improve the efficiency of tracking and transferring titles to vehicles. This could foreseeability be applied to any type of title including real estate. Streamlining these traditional administrative concepts could reduce the cost and time associated with any such transfer.
These are only a few examples of how blockchain technology has been adapted to the world outside of cryptocurrency. Industries including finance, arts, and healthcare are utilizing the technology. Although we are still early in the innovation adoption curve, the future looks to contain blockchain and it will be best to understand how it may be involved in your life.
The attorneys at Danna McKitrick are continually staying informed on how these changes impact law and will influence changes to your business, employment, property, or estate planning.
Posted by Attorney Drake B. Meyer. Meyer advises clients on a variety of corporate and business transactions including entrepreneurial, real estate, and corporate formation and governance matters. He also represents individuals and businesses in litigation related to contracts, real estate, and other civil matters.