×

Cryptocurrencies won't be the 'story' in the future. This will be

  • Blockchain technology is here to stay, says financial advisor Doug Boneparth.
  • Many people still don't understand what blockchain is.
  • Here's a helpful explainer.

Blockchain technology is going to revolutionize the world, says financial advisor Douglas A. Boneparth.

Still, many people don't know what it is.

"Blockchain is a technology that allows anyone to send anyone else a piece of information, currency or data in a secure, transparent and anonymous way," explained Boneparth, president and founder of Bone Fide Wealth.

While news headlines and conversations might be dominated by cryptocurrencies, he said, it's actually the blockchain technology that these digital tokens are traded on that will endure into the future.

"Cryptocurrencies are just one product of blockchain," Boneparth said.

More from Straight Talk:
Here's why a Roth IRA makes sense for millennials
Roth conversion in high-taxed states is a very bad idea
So the Fed raised rates. What's the next step for investors?

One day medical and real estate transactions — and even voting — could be conducted via blockchain, he said. "It's going to change our lives."

The fact that blockchain interactions don't require a middleman or institution resonates with people deeply, Boneparth added.

"Since 2008, there's a little bit of mistrust that still exists when it comes to transactions," he said. "When you introduce something like blockchain technology, which allows for transparency, you're going to get something that's very appealing to people."

Sign Up for Our Newsletter Your Wealth

Weekly advice on managing your money
Get this delivered to your inbox, and more info about about our products and services.
By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.