Blockchain and smart contracts mark the end of lawyers; erm
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I've been a puppet, a pauper, poet, a pawn. I've been up, DOWN, over, out. ThatsLife! I don't let it get me DOWN. Gonna change that tune. I picked myself up. Back in the race. If I didn't think law was worth a try - PS4
Hello aspiring future tech lawyers, today, I’ll be talking about the future of DigitalFinance!
Digital finance refers to online banking services or using technology to manage money or using virtual currencies like Bitcoin.
The aim is to make financial transactions easier and more efficient in this digital age. Traditional banks are now integrating digital platforms for better customer experience and modernized processes.
Typical examples are; contactless payments, transferring money or investing online by utilizing mobile banking apps like Venmo and Robinhood instead of visiting physical banks.
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Speaking of investing, cryptocurrency is a big buzzword in Digital Finance right now. I'm certain you have heard about Bitcoin that I allude to earlier. Well, Bitcoin is a type of cryptocurrency. It's decentralized and exists only in virtual form. Pretty cool stuff, if you ask me.
Decentralized finance (DeFi)?
DeFi) is all the rage as we speak. It is similar to traditional banking but without central authorities. It's peer-to-peer and transparent!
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The role of blockchain technologies
Blockchain tech is a real game changer! It ensures secure and transparent transactions without inputs from intermediaries like banks.
Blockchain, a distributed ledger that records every single transaction forever, secures transactions in cryptocurrencies like Ethereum and Bitcoin. It's super secure and tamper-proof!
Just imagine the use of blockchain technology to securely track transactions in real estate or supply chain management. The possibilities are virtually infinite!
Smart contracts
Blockchain and smart contracts mark the end of lawyers; erm, not really. Smart contracts are simply packages of self-executing agreements written into code on the blockchain! Lawyers' jobs are safe.
Basically, they automate processes without intermediaries. Imagine legal docs enforced automatically.
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Non-fungible tokens
Now let us talk; let's talk about Non-fungible tokens( NFTs ). Existing on blockchain an incapable of being replicated, these are unique digital assets that can be bought and sold as proof of ownership for things like digital contents, pieces of art or collectibles.
An NFT of Beeple's work was sold for at Christie’s for $69 million. Mike Winkelmann is the digital artist known as Beeple.
Amazing, isn’t it? Everything is going digital. In this fast-paced digital finance world, traditional banks must evolve with new tech trends and adapt by introducing even more tech solutions to their clients; or face obsolescence.
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FutureOfMoney/FutureofFinance
Innovative minds and cutting edge tools are shaping the future of digital finance! From Venmo transfers to Bitcoin investments & NFTs, traditional banks better be ready for this shift.
As I wrap up this session, imagine us high-fiving one other and engaging in laughter. Keep on RulingDigitalFinance
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References:
freelancer
3 个月aicryptoregs.com AI fixes this The future of Digital Finance.
Senior Managing Director
5 个月ohAl stewArt Very interesting. Thank you for sharing
legal counsel
5 个月Please read my article about (Legal Status of Cryptocurrency Circulation in Iraq: Lessons from the United Arab Emirates and the United States)