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  • Writer's pictureDavid Lawrence

Blockchain and Innovations from Consensus Conference 2024



In late May of 2024, Primetrics had the privilege of attending the Consensus Conference in Austin, Texas — a cornerstone event for blockchain and cryptocurrency enthusiasts and professionals. The event was a hub of innovation, discussions, and networking, providing a comprehensive view of the prospects of blockchain technology. Here are some key takeaways and reflections from the conference:


Blockchain: The Future is Here

One of the overarching themes of the conference was the enduring potential of blockchain technology. Blockchain is not a fleeting trend but a transformative technology poised to reshape various industries. From financial services to supply chain management, blockchain's ability to provide transparent, immutable, and decentralized solutions is set to revolutionize how we conduct business and manage data.


US Government's Evolving Stance on Blockchain

A significant development discussed at the conference is the US government's shifting perspective on blockchain technology. Historically cautious, the government is now recognizing the need to assume a leadership role in the blockchain space. We see how this change is underscored by the establishment of a well-funded super PAC, Fairshake, aimed at advocating for favorable blockchain policies. We may see an accelerated adoption and integration of blockchain technology across various sectors.


Accounting Firms: Time to Embrace Changes

What's evident is the accounting industry is lagging in adopting blockchain technology. Several firms are focused primarily on tax compliance, with only a few savvy ones beginning to explore blockchain's potential for audit practices. The initial use cases in the business realm include the international transfer of funds and tokenizing access to facilitate real-time trading without clearing house costs. However, challenges remain, such as accounting for cryptocurrencies as assets, the risks associated with the self-custody of assets, and the competitive resistance from banks. Despite these hurdles, the promise of blockchain in streamlining and securing financial transactions is undeniable.


Emerging Robust Cryptocurrency Sub-Ledgers

A noteworthy trend highlighted at the conference is the advancement of cryptocurrency sub-ledgers. These sub-ledgers are becoming increasingly robust, garnering attention from top development teams in the industry. Notable mentions include Cryptio, Bitwave, and newcomer CoinTracker. CoinTracker, a pioneer in the blockchain space known for its tax solutions, is now expanding its focus to include accounting, signaling the maturation and diversification of blockchain applications.

Debunking Misconceptions and Illicit Activities

A common misconception about blockchain is their association with illegal activities. The reality, as discussed at the conference, is that all forms of money can be used for illegal purposes. However, blockchain's transparent and immutable nature makes it a poor medium for illicit transactions. Criminals and law enforcement agencies, including the FBI, have recognized this, resulting in a significant decline in illegal blockchain activity year over year.


LLM and Blockchain: Separate Yet Exciting Technologies

The conference touched upon the distinct nature of Large Language Models (LLM) and blockchain technology. Despite the concurrent hype surrounding both technologies, there is no intrinsic link between them. Each technology has its unique applications and potential, and while enthusiasts may be passionate about both, it's important to note their separate pathways and contributions to the tech landscape.


What to take from this: A Bright Future for Blockchain

The Consensus Conference 2024 underscored the vast potential and evolving landscape of blockchain technology. With increasing recognition from the government, advancements in sub-ledger technologies, and growing awareness of blockchain's true capabilities and limitations, the future looks promising. As blockchain continues to mature, it will undoubtedly play a pivotal role in shaping the future of technology and business.


Attending the conference was an eye-grabbing experience, reaffirming our belief in blockchain's transformative power. We look forward to witnessing and contributing to the continued evolution of this groundbreaking technology. For those who are interested learn more please feel free to reach out and speak with our team about some of the advancements being made. Contact us at info@primetircs.cpa or sign up for our newsletter.

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