Blockchain Technology
“Due to its distributed ledger technology, blockchain technology eliminates the need of entering accounting information into multiple databases and potentially removes the need for auditors to reconcile disparate ledgers, whereby substantial amounts of time could be saved and the risk of human error be considerably reduced. Real-time availability of accounting data offers immense benefits for accounting data reconciliation.”
“With a distributed ledger that is shared among members of a network, time-wasting record reconciliations are eliminated.”
What is blockchain technology?
Blockchain is a shared, immutable ledger for recording transactions, tracking assets and building trust. Discover why businesses worldwide are adopting it.
Why blockchain is important?
Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members. A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end-to-end, giving you greater confidence, as well as new efficiencies and opportunities.
What are the benefits of blockchain?
- Greater trust — With blockchain, as a member of a members-only network, you can rest assured that you are receiving accurate and timely data, and that your confidential blockchain records will be shared only with network members to whom you have specifically granted access.
- Greater security — Consensus on data accuracy is required from all network members, and all validated transactions are immutable because they are recorded permanently. No one, not even a system administrator, can delete a transaction.
- More efficiencies — With a distributed ledger that is shared among members of a network, time-wasting record reconciliations are eliminated. And to speed transactions, a set of rules — called a smart contract — can be stored on the blockchain and executed automatically.
What are the properties of blockchain?
- Programmable — Smart Contracts
- Secure — All records are individually encrypted
- Anonymous — The identity of participants is anonymous or pseudonomous or can be permissioned*
- Unanymous — All participants agree to the validity of records
- Timestamped — Transaction timestamp is recorded on the block
- Immutable — Any validated records are irreversible & cannot be changed
- Distributed — All network participants have a copy of the ledger for complete transparency
References / Information *copied* :
https://cryptoeconomics-aus.medium.com/the-future-of-blockch...
https://www.euromoney.com/learning/blockchain-explained/what...
https://www.ibm.com/dk-en/topics/what-is-blockchain
PS : All of this is not new information. It all began with the advent of bitcoin in 2009