Emerging Technologies

The White House just announced several advisors on science and technology. It is important to pay close attention to the subject matter expertise of these advisors.  Interestingly enough, many of there expertise is covered here on this blog!

In addition, this is an important development when it comes to Quantum Computing and more common topics on this blog.  October 28, 2019 the White House announcement is said to signal a "Quantum Leap." Equally interesting is the calls out cryptocurrencies and blockchain as well as other technology subjects.

Check out the YouTube video at the link below. 

Link - https://www.youtube.com/watch?v=V1rW-6wXHGk

A report just came out and listed the top 8 cryptocurrency transaction (in order).  They surprised my how about you?

1. Speculation

2. Dark Web Transactions

3. Money Laundering

4. Ransomware (payments)

5. Evading Sanctions

6. Theft of Cryptocurrencies

7. Hacking Cryptocurrency Infrastructure

8. Legal Goods & Services Transactions

That is really a dark picture of what is going on in the cryptocurrency marketplace.  It is likely and likely will continue to have a negative impact on the global acceptance and use of cryptocurrencies in business.

Earlier this month a new concept within the cryptocurrency environment was floated by me and my mind has been captured by this intriguing concept ever since. The underpinning of the new concept was research, analysis and reporting on the global business and economic implications cryptocurrencies will likely have in the next few years. In response to the assessed impact, I was asked what I thought of the concept of a new corporate executive officer position – the Chief Cryptocurrency Officer (CCO), Chief Crypto Officer for short.   I went online to a few executive job listing and searched for this title.  None of those sites had a CCO position listed.  I expanded my search to more general job boards.  The results were the same.

Giving this concept some thought, I began listing what I thought the key responsibilities of someone in this role would be, as well as what would qualify someone for this role.  Factoring in the realistic projections that were collected, a position such as this is not that far off.  Also considered was incorporating these responsibilities under the existing Chief Financial Officer (CFO) role.  While that must certainly be considered before creating and filling a Chief Crypto Officer position within any organization, the role cryptocurrencies will have within that organization would have to be assessed.  If cryptocurrencies were projected to play a moderate to large role in an organization, the magnitude of work required for that executive role could easily overwhelm a CFO when added to their existing responsibilities. 

Today I know of or could find only a few individuals with the CCO title.  At this point it looks likely the number of people in that role will increase in the next few years. Perhaps colleges and universities will create new degree programs with a cryptocurrency concentration.  For now, perhaps an MBA program with a cryptocurrency emphasis would be advisable and a justified addition.

Mastercard - the icon in the credit card industry was just awarded and interesting patent. There patent addresses an electronic (online) system that supports anonymous transactions and a distributed blockchain network.

Here is the patent.
http://appft.uspto.gov/netacgi/nph-Parser?Sect1=PTO1&Sect2=HITOFF&d=PG01&p=1&u=%2Fnetahtml%2FPTO%2Fsrchnum.html&r=1&f=G&l=50&s1=%2220180181953%22.PGNR.&OS=DN/20180181953&RS=DN/20180181953

One has to wonder what impact the patent could have on cryptocurrency transactions!

The waters are getting much cloudier!

The Central Bank In Bahamas is ready to introduce their own cryptocurrency. As more and more countries and territories introduce their own cryptocurrency, many of the general regulations may become problematic. Outlawing another countries currency of in this case cryptocurrency will likely have huge political ramifications! This is just the latest manifestation of this issue and it will only grow.