In his speech to the Rotary Club of Aiken on Monday, Dr. Paul Newsom offered his audience some encouraging words about investing in digital currency.
He said the main point he wanted to make was “to reassure everybody that if you’re going to get into this cryptocurrency, especially bitcoin, it’s a lot safer today when the bitcoin network first started.”
Newsom, who is an associate professor of finance at USC Aiken, also discussed blockchain technology.
“A critical element of blockchain technology is the security,” he said.
According to merriam-webster.com, blockchain is “a digital database containing information (such as records of financial transactions) that can be simultaneously used and shared within a large decentralized, publicly accessible network.”
Newsom also mentioned how digital technology is affecting the real estate business, allowing transactions to take place without the use of attorneys.
“This has already happened (in this country earlier this year),” he said. “They created a non-fungible token in the United States. They placed that non-fungible token in an LLC, and now in the state of Florida, you can buy and sell real estate using the Ethereum network.
“Interestingly enough, the first one of these transactions happened … in Ukraine,” Newsom added. “So Ukraine was the first one to ever do this.”
Newsweek reported in 2017 that an apartment in that country had been sold “for $60,000 via smart contracts on the Ethereum blockchain.”
Newsom also is cofounder and managing director of VentureSouth Aiken.
The Rotary Club of Aiken’s meeting was held at Newberry Hall.