What could estate security possibly have in common with Bitcoin?
Bitcoin is a crypto-currency that uses a concept called the blockchain to verify and validate all transactions. When a user requests a transaction, specific information is broadcast to a group of computers that are known as peer-to-peer nodes. These nodes record the transaction and validate it against a registry of all past transactions. They effectively make sure that the user really has the bitcoin that they are looking to transact. Here, the peer network and the public record of every single transaction is the authority not a central bank.
So how does this relate to estate security?
In addition to household staff, most estates have a management team that consist of a property manager, security professionals and family office staff that each play an important role in overseeing the property. Our experience has shown that a great majority of losses at estate properties are the result of an insider threat or act committed by staff members or others that are allowed on property.
Borrowing from the Bitcoin blockchain is one highly effective way to manage these insiders and keep everyone honest while respecting their roles. A best practice is to create a record anytime staff or a management team member arrives or leaves the property. When someone arrives any time outside of their scheduled hours, an email is sent to the entire management team-property managers, security and family office staff, and in some cases family members.
This minimizes role-based conflict (“Do you know who I am?”) and creates a record of all visits. It also sends a message to all team members that the entire group is alert and aware.