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What businesses should know about cryptocurrencies

From security to audit issues to opportunities, what’s next for cryptocurrencies?

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BitcoinCryptocurrencies eliminate the need for an intermediary, be that a government, bank or some other entity, when two parties exchange value. It may sound simple, but it is revolutionary. And, as with any revolution, it raises questions.

How do companies manage the security of these new digital assets? How can they ensure an adequate audit trail? What opportunities, and what risks, do cryptocurrencies present?

Adoption rates among companies vary widely. “We see some that are cryptoserious, they’ve made a study of it, they have a business model built around it. But we have far more that are cryptocurious,” says Johnny Lee, a forensic investigator, management consultant and attorney who helps companies with their cybersecurity, blockchain, data governance and privacy challenges.

Where are companies likely to use cryptocurrencies going forward? “We’re going to be seeing businesses adapt cryptocurrency because it is a reduced friction way of doing everyday things from transfer pricing to settling intracompany books to perhaps even an efficient way of managing foreign exchange arbitrage,” says Lee.

Listen to this conversation with Johnny Lee and Malcolm Silberman, a Grant Thornton innovation director focused on blockchain and artificial intelligence solutions, as they discuss the potential and the challenges of cryptocurrencies.





Contact:

Malcolm Silberman
Malcolm Silberman

Director, Innovation
T +1 678 515 2447

Atlanta Johnny Lee
Johnny Lee

Principal, Forensic Advisory Services
T +1 404 704 0144