Understanding
the digital asset ecosystem
The ecosystem of digital assets, with cryptocurrencies, centralized/decentralized exchanges, blockchain and distributed ledger technology, nonfungible token (NFT), decentralized finance (DeFi), decentralized autonomous organizations (DAOs), and beyond, is young and developing, with new ideas for use evolving each day. Baker Tilly understands the full spectrum of the digital asset ecosystem allowing us to map your organization’s potential risks and develop your path to tomorrow’s opportunities.
Learn more about digital assets
What are digital assets? Are you looking to integrate digital assets into your business strategy? Do you understand the potential risks and the available opportunities?
Digital assets
Are you familiar with smart contracts? Did you know utilizing smart contracts can simplify business and trade between parties, sometimes without the need for a middleman?
Smart contracts
Digital assets
Are you looking to integrate digital assets into your business strategy? Do you understand the potential risks and the available opportunities?
Digital assets are any type of content that is created digitally and can be bought, sold or stored online. Types of digital assets range from photos and animations to websites and tokens.
The digital assets ecosystem is rapidly evolving and is undeniably changing the ways in which we do business. Understand and mitigate your risk now. Explore your options and develop your strategy for tomorrow.
Learn more about it
Understanding the digital asset ecosystem
Have you considered using blockchain to record transactions? How could your business harness blockchain technology to reinvent how processes are managed and to get ahead in the marketplace?
Blockchain
Are you thinking about accepting cryptocurrency to expand your market and customer base? Do you know what your current exposure to cryptocurrency is?
Cryptocurrency
How will decentralized finance affect your organization and market? How can you prepare for the changes ahead?
Decentralized finance (DeFi)
Blockchain
Have you considered using blockchain to record transactions? How could your business harness blockchain technology to reinvent how processes are managed and to get ahead in the marketplace?
Blockchain is a system in which a record of transactions or “blocks” are stored on a digital ledger and maintained across a global network of computers that are linked together via nodes, thus forming a “chain.” Each blockchain supports different functions and has its own protocol. Blockchains can be public, with no access restrictions, or private, limited to only invited users. Today, the two largest blockchains are the Bitcoin network and Ethereum but it's estimated that there are over 1,000 different blockchains in use.
Businesses are creating blockchains that can cut processing time and costs associated with financial transactions, supply chain management and asset tracking. Blockchains are a powerful innovation in managing transactions efficiently and accurately to ensure organizations are staying on the cutting edge.
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Understanding the digital asset ecosystem
Cryptocurrency
Are you thinking about accepting cryptocurrency to expand your market and customer base? Do you know what your current exposure to cryptocurrency is?
Cryptocurrency is a tradeable digital asset/digital form of money built on blockchains. There are more than 20,000 cryptocurrencies in existence, with Bitcoin being the most popular and widely used. Forward-looking organizations are using crypto to grow their business and more quickly and securely transact.
Accepting cryptocurrency eliminates transaction processing time, can limit fraud and chargebacks and can be a tool to acquire new customers. However, it’s important to develop the right processes, in alignment with organization goals, to ensure you’re simultaneously gaining opportunity through cryptocurrency while mitigating risk.
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Understanding the digital asset ecosystem
Decentralized finance
How will decentralized finance affect your organization and market? How can you prepare for the changes ahead?
Decentralized finance is where financial instruments are offered without the need for intermediaries like banks or exchanges. DeFi relies on smart contracts and blockchain to remove the need for third parties and centralized institutions from financial transactions. DeFi applications allow users to borrow, lend, trade assets, trade derivatives, purchase insurance, and earn interest, among other things. Most DeFi protocols reside on Ethereum.
The innovations occurring in the DeFi space present a wide range of opportunities. DeFi could ultimately challenge the foundations of our financial markets, transforming financial service offerings. It’s imperative to prepare your organization today for the likely future changes to our financial system.
Understanding the digital asset ecosystem
Smart contracts
Are you familiar with smart contracts? Did you know utilizing smart contracts can simplify business and trade between parties, sometimes without the need for a middleman?
Smart contracts are digital contracts stored on a blockchain that are automatically executed when predetermined terms and conditions are met. These contracts’ terms are written into lines of code. Smart contracts are secure, traceable, and irreversible once executed. DeFi relies heavily on these coded, self-executing smart contracts.
To get the most out of your smart contract implementation you must understand your risks, monitor results and develop and maintain your contracts securely. Learn more about smart contract advisory services.
Understanding the digital asset ecosystem
