Ep. 229: Lamont Black - Navigating the Digital Finance Future: Crypto & Blockchain

Unlock the mystifying world of cryptocurrencies and blockchain in this enlightening episode of Count Me In. Join our guest host Kelly Richmond Pope, accounting Professor and author, as she speaks with Lamont Black, an Associate Professor of Finance at Napoli University.  They navigate us through the complexities of blockchain technology, its relevance to accounting and financial services, and the turbulent landscape of cryptocurrency exchanges. Lamont takes a deep dive into how blockchain serves as the foundation of cryptocurrencies, elaborates on its inherent security and transparency, and paints a picture of its significant role in the future of digital commerce. We will also unpack the rise and fall of crypto prices, the risks involved, and how to safely engage with cryptocurrency exchanges. No matter whether you're a finance professional grappling with the challenges of a rapidly digitizing economy, or a curious listener wanting to unravel the world of cryptocurrency, this episode is an invaluable resource.Connect with Lamont and Kelly: https://www.linkedin.com/in/lamontblack/ https://www.linkedin.com/in/ke....lly-richmond-pope-cp
Full Episode Transcript:
Adam:            Welcome to another enlightening episode of Count Me In. Where we delve into the pressing issues shaping our world and the business landscape. Today, we have the privilege of hearing a wonderful conversation between our guest host, Kelly Richmond Pope, accounting professor and author, and Lamont Black, an Associate Professor of Finance at DePaul University. They discuss an issue that is at the forefront of finance innovation; cryptocurrencies and blockchain technology. Lamont brings his vast knowledge and expert insights to help demystify these complex topics and explain their relevance to the finance industry. So whether you're a CFO, a controller, a finance professional, or simply a curious listener, prepare for a deep dive exploration into the world of blockchain and cryptocurrencies. Let's get started. Kelly:              So Lamont, thank you so much for joining me, today. And if you could start by just introducing who you are. Lamont:         So I'm an associate professor of finance in the Driehaus College of Business at the DePaul University. So I'm one of your colleagues. Kelly:              You are one of my colleagues. And, so, I want to welcome you to the IMA podcast series. And I have been working with the IMA, a little over a year. Working in research and thought leadership about ethics, corporate governance, risk, and you know my favorite love, fraud. And as we watch the news, read the news, what has just been in the news, so much, in the past, I'd say 18 months, is this really weird word called cryptocurrency.  And when I came to you, originally, about trying to understand what in the world is cryptocurrency. What you shared with me was how important it was to understand blockchain. And what I want to do, today, is have you really break down the importance of understanding blockchain. Because what I think the world is getting a little scared about is when you keep hearing about cryptocurrency, these exchanges that are falling apart. And, I think, everybody is really skeptical of this concept of cryptocurrency. But what I know you feel is, though, people might be scared of that. But you still need to understand the soundness and the value of the underlying technology, which is called blockchain. So could you tell us a little bit about what blockchain is and why we need to know about it as managerial accountants? Lamont:         Yes, so blockchain is the platform b