Teneisha Johnson
Virtual Currency: The Blockchain Technology
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There are three “powers” connected to every job. Regardless of the tasks performed and level of authority, these three elements are evident.
1. Skill Power- the talent and ability to do the job
2. Knowledge Power-experience and know-how
3. Position Power-The influence attached to a job or position
For some people, skill and knowledge powers create barriers in their communications and relationships with others.
Some brilliant minds of technicians, scientists, chief economist and engineers clearly understand the world of bytes, megabytes, semiconductors, biotechnology, telecoms, blockchain innovations and artificial intelligence where I’m a total stranger BUT WILLING TO LEARN. Lol!
With position power, some people rule over those in lower levels of authority.
Top executives or managers might show disrespect or favoritism while others might display arrogant behaviors to appear superior.
Please note however that this is not true for every person in a position of power.
However, we can’t deny that power plays are common in today’s society.
But there is one power I personally believe is greater that all powers and I believe with the Holy Spirit’s guidance, He is essential to be effective in any job- God’s power!
We should always pray and ask God to erect a “hedge of protection” around us as we go through our daily lives in whatever capacity we are given.
His protection however does not mean you will be void of sin in your personal life or the struggles we all encounter in our professional careers.
I believe however that God’s power in our life will always check us when we’re tempted to abuse our skills, knowledge and position powers.
Especially if it affects the lives of His beloved people.
When we depend on Him for protection, the allure of temptation is diverted, removed or eliminated.
I believe our prayer should be for God to free us and keep us from temptations of pride, envy, lying, lust, greed and countless other sins each day.
Believe me I pray on this every day because after all I’m only human and being human is an instant qualifier for many of the temptations I stated above.
“I am a promise, I am a possibility, I am a promise with a capital P!” Sounds familiar? It should.
We are all considered a promise, a special possibility on the day of our birth by God Himself.
Even though we were born in sin, we can choose to live a life that is pleasing to God and help to create a better world for ourselves and generations to come.
In Matthew 6:33 it states, “Seek first the Kingdom of God and all these things (things we desire, i.e. more money, a better job, marriage, kids, better health, better education etc. etc.), will be added unto us.
I still wear a special bracelet that I never take off also known as a scripture bracelet, that was given to me while working at the Ritz-Carlton, Grand Cayman back in 2006 by Dr. Ronnie and his wife Jeana Floyd (Arkansas U.S.A. Daystar Christian T.V. Channel or visit www.daystar.com).
I remember Mrs. Floyd, quite clearly, in her elegant flowing green dress, when she told me that I was a promise and bestowed upon me my gift.
We are all promises unto God. People with great potential and possibilities. We each have a purpose and a destiny!
Luke 12: 22-31 says, “Do Not Worry
22 Then Jesus said to his disciples: “Therefore I tell you, do not worry about your life, what you will eat; or about your body, what you will wear.
23 For life is more than food, and the body more than clothes.
24 Consider the ravens: They do not sow or reap, they have no storeroom or barn; yet God feeds them. And how much more valuable you are than birds!
25 Who of you by worrying can add a single hour to your life?
26 Since you cannot do this very little thing, why do you worry about the rest?
27 “Consider how the wild flowers grow. They do not labor or spin. Yet I tell you, not even Solomon in all his splendor was dressed like one of these.
28 If that is how God clothes the grass of the field, which is here today, and tomorrow is thrown into the fire, how much more will he clothe you—you of little faith!
29 And do not set your heart on what you will eat or drink; do not worry about it.
30 For the pagan world runs after all such things, and your Father knows that you need them.
31 But seek His kingdom, and these things will be given to you as well.”
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Hhmmm…..let's think about money.
I was reading about new tools in the Cayman Financial Review (www.caymanfinancialreview.com ) that can take advantage of advanced computational power, “ARTIFICIAL INTELLIGENCE”.
It stated that payment network operators have invested in AI-based systems to identify and stop instances of fraud and theft.
Smart contracts, which increasingly use blockchain (my bracelet) and other distributed ledger-based systems, are beginning to replace a wide range of conventional contracts and even enable computers to contract with one another.
How cool is that!
AI technology has a broad range of potential applications in the financial services, some of which will be most effective in terms of the services provided by the Cayman Islands as listed below:
· Personalization of financial services through analytics-driven recommendation engines
· Automation of traditional retail functions through the deployment of smart assistants and voice recognition technology
· Robo-advisory services in the wealth management space
· Automated fraud detection, as well as anti-money laundering and anti-terrorist financing compliance monitoring, and
· Predictive cybersecurity monitoring and response systems.
According to the Cayman Islands Journal, cryptocurrencies like bitcoin, blockchain technology and initial coin offerings (ICOs) have been the buzzwords in the tech sphere for the past couple of years.
With a rapid speculative bubble developing around bitcoin, the topics have not only transcended the limited space of the technophile but also created a mainstream investment buzz.
Yet public knowledge about blockchain, the technology on which cryptocurrencies are based, and its potential uses and risks is still limited.
Opinions are divided as to how successful blockchain technology and cryptocurrencies will be in the long run and if practical, real-world applications will live up to the hype.
Jude Scott, the chief executive officer of Cayman Finance, differentiates between cryptocurrency and the underlying blockchain, also known as distributed ledger technology.
“The technology itself is absolutely amazing, it is revolutionizing and will fully revolutionize the financial services industry,” he told the Caymanian Bar association in April 2018 at a CBA seminar on the new technology.
Mr. Scott believes cryptocurrencies will ultimately become a separate derivative asset class that hedge funds and other investors will invest in.
However, he does not think cryptocurrencies will ever fully replace regular, government-issued fiat currencies.
For more of his thoughtful and intelligent insight visit: The Cayman Islands Journal
http://www.journal.ky/2018/05/04/regulating-cryptocurrencies/
Most recently I did my regular reading of the Cayman Financial Review and it elaborated more on Blockchain Technology.
Apparently a blockchain is a distributed computer-based ledge, which means that the data that comprises the ledger, itself, is duplicated and stored on several different computers that are connected through a network.
The ledger records transactions between different participants, each of whom has their own “wallet”, which is actually the participant’s private encryption key.
Every time there is a transaction between wallets, a “block” is created and appended to the end of the “chain” of transactions.
The new blockchain becomes the updated ledger that is propagated or in a simpler context, distributed throughout the network.
Since all the information is shared, regularly updated, and distributed, the transaction data is transparent and easy to reconcile.
I was also fascinated to learn that each block is encrypted and is virtually impossible to access without a private key, thereby protecting users’ security and privacy.
Also, due to the nature of the encryption, the longer the chain gets, the more difficult it becomes to hack and the more secure it becomes.
The privacy and security offered by blockchain technology makes it a natural platform for the transfer of funds.
I strongly believe in this new technology and I’m very encouraged by it because too often I read headlines of business mismanagement, insider trading deals, executive greed, and accounting negligence.
I was also greatly pleased to read about our progress with the Non-Profit Organization Law.
It is their hope and I agree, to do our best to try and prevent the use of NPOs for money-laundering or people trying to divert funds to support international crime or terrorism.
Unfortunately, it has gotten to the point where workshops are being conducted on ethics and moral principles.
Do we seriously have to teach people to be honest, trustworthy and “do the right thing”? Wow!
I am delighted however to announce that The Cayman Islands Chamber of Commerce is always offering informative workshops on a variety of subjects and that I myself have found them to be very useful and thought-provoking.
Visit www.caymanchamber.ky today for more information!
No Fraud
Recent changes to the Cayman Islands Proceeds of Crime Law, 2017 (POCL) has clarified that persons conducting relevant financial business, whether a non-profit or an unregulated investment fund vehicle, are now required to appoint an MLRO, and an alternate, and to have a AML/CFT compliance program in place.
It should come as no surprised to discover that the Cayman Islands Monetary Authority has already been paying keen attention to the suitability of MLROs appointed by its licensees, recommending changes where it considers there is a need.
It is anticipated that the Department for Commerce and Investments will ultimately do the same, once its enforcement powers over certain members of the Designated Non-Financial Businesses and Professions and Non-Profit sector, is enlisted.
Under section 136 of the POCL, a person commits an offense if he does not make the “required disclosure” to the FRA or his MLRO or deputy, of a suspicion or actual knowledge of terrorist financing or money laundering that has come to his attention in the course of doing relevant financial business.
Section 137 sets out the circumstances in which an MLRO commits an offense for failures to make appropriate disclosures. At the serious end of the stick, persons (including your MLRO) could find him or herself imprisoned for five years so there are real consequences.
For more information visit: http://www.caymanfinancialreview.com/2018/04/19/not-for-love-or-money/
