IS BLOCKCHAIN HERE TO STAY?

IS BLOCKCHAIN HERE TO STAY?

To the extent that this complex and nuanced question can be answered as a “yes or no” question, the answer is: yes. Blockchain will continue to disrupt the financial industry to some degree, and it will continue to be important components for various cryptocurrency markets. The question of whether or not blockchain technology will become a mainstay in the financial sector is a fair one given the lack of tangible results it has yielded for lending institutions despite the billions of dollars invested in the technology. With the announcement of JPMorgan’s recent crypto offering, though, it seems likely that those operating outside the cryptocurrency niche will begin hearing about blockchain.

What is Blockchain?

Blockchain is a digital financial ledger. Multiple computers and computer systems come together to affirm transactions (referred to as “blocks”). The aim is to decrease fraud or tampering with financial transactions and assets. The “chain” part of “blockchain” refers to the characteristics of each block that follows the previous block (or transaction). Each block contains information that reflects both the current state of affairs for an individual’s financial account AND the previous block’s information. Each successive block contains information about the previous block. Therefore, if hackers or bad actors were to attempt to manipulate financial information, he or she would need to change every previous block in a particular blockchain. 

IS BLOCKCHAIN HERE TO STAY?

As innovative as hackers can be, implementing blockchain technology can be an extremely effective way to authenticate digital financial transactions. The main reason for this is due to the decentralized nature of blockchain. While financial institutions can have robust authentication technology, centralized authorities will always remain somewhat vulnerable to breaches. With the right buy-in from otherwise-unaffiliated third parties, though, blockchain can dramatically increase the trustworthiness of cryptocurrency transactions.

How Do Businesses Make Money From Blockchain Technology?

Blockchain Expert Attorney

Again, companies are only beginning to make strides toward monetizing blockchain technology. Businesses harnessing the power of blockchain primarily offer software services (or provide components of these services) to companies in need of “smart” contracts. Other ways to make money off of blockchain include cryptocurrency speculation and per-transaction earnings. A common misconception is that blockchain can only be monetized in the cryptocurrency market. As the next few years will clearly show, that is not the case.

Who Should Care About Blockchain?

If you’re one of those early adopters who has FOMO about things like Bitcoin, Dogecoin, and other disruptors, you should strongly consider reading more into the money-making potential of blockchain technology. If you religiously follow Elon Musk’s Twitter feed, you should strongly consider investing in blockchain companies. If you are interested in efficient business solutions, you should take a close look at what blockchain can potentially accomplish for your company. 

No matter how eager you are about getting into blockchain, your company needs a law firm that is passionate about providing innovative business counsel. Our firm focuses on helping entrepreneurs efficiently achieve goals and objectives and would be happy to speak with you and your team about bringing value to your operation. You can reach us by calling (678) 825-4525 today.

SAGE Newsletter

Learn from real-world examples and gain inspiration from business leaders. We shine a spotlight on successful businesses and entrepreneurs while also keeping you informed about legal trends.

SAGE Tips
from the Founder

Dive into our exclusive "Tips from the Founder" video series, where the heart and mind behind SAGE Business Counsel shares invaluable business insights and practical advice.

SAGE Workshops & Webinars

Watch our Workshops and Webinars. Engage with industry experts and gain actionable insights through our sessions to enhance your legal and business knowledge.

Watch Here

SAGE Frequently Asked Questions

Understanding the legal aspects of managing a business can be challenging. To make things easier, we’ve put together a comprehensive FAQ section to help you get familiar with our firm and the services we offer.

What is SAGE Business Counsel?

SAGE Business Counsel is a full-service law firm that provides legal services and consulting to small businesses.

What kind of legal services does SAGE Business Counsel offer?

SAGE Business Counsel offers a range of legal services, including Contract Review and Negotiation, Employment Law, Intellectual Property, Compliance and Regulatory Guidance, Litigation and Dispute Resolution, Business General Counsel, and more.

Can I get personalized legal advice from SAGE Business Counsel?

Yes, SAGE Business Counsel offers personalized service and support that's tailored to your business needs.

What should I do if the business is facing a legal dispute?

If a business is facing a legal dispute, it's recommended to seek legal advice from an attorney. SAGE Business Counsel can help you understand your options and navigate the legal process.

How can I protect my business from lawsuits?

There are several ways to protect your business from lawsuits, such as having clear policies and procedures, maintaining accurate records, and having liability insurance. It's also important to seek legal advice to ensure that your business is fully protected.

What are the benefits of working with a business attorney?

Working with a business attorney can provide several benefits, including legal advice and guidance, assistance with legal documents, representation in legal disputes, and peace of mind knowing that your business is legally protected.

How does SAGE Business Counsel differ from other law firms?

We take a client-first approach, prioritizing your success and building trust at every step. We believe in proactive legal counsel, providing guidance and risk assessment before issues arise. Our tailored legal plans are designed to address your specific business needs and goals.

How do I know SAGE is right for me?

At SAGE Business Counsel, we understand the challenges you face as a business owner. We simplify legal matters, translate legalese into clear terms, and ensure you stay compliant with all applicable laws and regulations.

Not all lawyers are created equal. At SAGE, we specialize in business law and have a proven track record of helping businesses like yours succeed. We're not just legal experts; we're trusted advisors who understand your unique business goals.

How can I get started with SAGE Business Counsel?

Take the first step towards legal peace of mind and business growth. Schedule an initial discovery call with our experienced attorneys today. We'll discuss your specific needs and develop a personalized strategy to help you achieve your goals.

We hope that these FAQs have been helpful in understanding more about SAGE Business Counsel. If you have any further questions or concerns, please don't hesitate to contact us.

Connect with SAGE on Social Media:

Over a Decade Spent Protecting Business from Legal Pitfalls

At SAGE Business Counsel, we're different. Inspired by lean business and agile software development philosophies, we continuously refine our services to stay ahead of the curve. Founded in 2014, our innovative business law firm is dedicated to empowering leadership teams across the globe with strategic legal counsel. Whether you own the business or are on the leadership team, we can help companies succeed at every stage of growth.