His goal? Explain to advisors and Pl. Fin., “and more broadly to all professionals in the fields of real estate, investments or personal insurance”, what a “chain of blocks” consists of, both in its technical aspect and in its compliance aspects, and why it will soon have “major consequences on their practices”.
“THIS TECHNOLOGY WILL TAKE OVER THE MARKET”
“The trigger for this idea was the bitcoin phenomenon,” he says. By digging into things, I indeed found that at the base of the phenomenon of cryptocurrencies, there was the blockchain and that it was soon to have a considerable impact on the profession. Currently, this is not yet the case, but all the major institutions and governments are already working on this, starting with the Bank of Canada with its Jasper Project [prototype de système de paiement de gros décentralisé fondé sur la technologie du grand livre distribué, ou TGLD] which provides for the establishment of a new system for transactions between the central bank and financial institutions. »
If the whole industry is interested in the phenomenon, continues Michel Mailloux, it is because this information storage and transmission technology constitutes “an extremely powerful tool” which allows its users to include transactions securing their networks and enabling them to reduce costs. This is already the case today, in particular with Ethereum, a platform tested in Europe and the United States which makes it possible to carry out complete transactions thanks to “block chains”, specifies the Pl. Fin., who says he is certain that this technology “will disrupt the daily lives of advisors”.
“In the case of an insurance transaction, for example, the whole operation could be placed in a blockchain. We will then witness the intervention of robots and advisers, but most of the manipulations will be fully integrated into the blockchain. Under these conditions, the advisor will have to develop new skills to participate in the process, because if he does not he will simply disappear. Of course, it is in no danger today, because for the moment we are sticking to virtual currencies like bitcoin, but the situation will change within one to three years at the latest,” says Michel Mailloux.
“AS IMPORTANT AS THE ARRIVAL OF IT”
Pl. Fin. also points out that the blockchain still remains unusable in the field of financial or stock market transactions due to an excessive “latency effect”. “Performing an operation through it can take up to nine minutes, and when we know that on the stock market we calculate in milliseconds, we understand that it is currently impossible to integrate stock market transactions. On the other hand, he adds, in the fields of insurance or real estate, “nine minutes for a transaction represents a very fast time, since[élaborer] insurance often lasts several days, and blockchain will be a huge step forward in this industry when it becomes operational.”
Under these conditions, insists Michel Mailloux, the distance training that will be offered starting in March is “an excellent opportunity for industry professionals to update their knowledge in this field”. “The development of this new technology will represent a revolution of as great magnitude as that of the arrival of computing. It is therefore very important for advisors to have a good understanding of what is happening now in order to be ready to take full advantage of this new technology when it takes hold on the market”, concludes the Pl. Fin.
A three-part course
The training is divided into three distinct blocks: it first discusses bitcoin and virtual currencies in general, then it dissects the functioning of the blockchain and, finally, it addresses compliance issues by explaining how this new technology will change the world of finance.
Concretely, it consists of an 18-page text that professionals are required to read; they must then answer 10 questions. If they pass this “passing exam”, the system will automatically issue them a certificate, which can then be registered with the Chambre de la sécurité financière, the Institut québécois de planification financière or another organization, depending on the case (the certification is in the process of being approved, but for the moment the question of knowing in which subject it will be recognized remains unresolved).
FREE AND REMOTE
Free, this distance learning course designed and supervised by Michel Mailloux will be offered online starting the second week of March. Interested persons can register by going to ethics.caa site associated with the College of Financial Professions.
“Through the example of bitcoin and the problems surrounding the emergence of cryptocurrencies, which today number 5,000 in the world, its aim is to discover how this system works and to show how it can be declined by several industries”, summarizes the Pl. Fin.
The editor recommends:
We wish to give thanks to the writer of this post for this remarkable material
A new blockchain training | To advise
Explore our social media profiles along with other related pageshttps://metfabtech.com/related-pages/