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This seems like gatekeeping. I think blockchains will make great accounting systems for firms working together. Construction is a prime example. You can have
by basch 8y ago
This seems like gatekeeping. I think blockchains will make great accounting systems for firms working together. Construction is a prime example. You can have 10 companies working together to maintain one book for a large project, and then eliminate the need to be audited. The technology can replace manual processes that happen after the data is placed in the database, to verify the data should have been entered.
And just like many email clients and many email servers work together, in the future, companies accounting systems will work together, and create a single-triple transaction, instead of a double entry at EACH company. You can swap out accounting systems at any time, and still participate in the standardized distributed database. Blockchains can be used to reduce redundancy in accounting. Not all blockchains need proof-of-work and fault tolerance turned up to 100%. Sometimes you can have parties that sort-of trust each other, but none of them want one of the others owning the whole system.
- raiyu 8y agoDon't see how this happens. How do you verify the work? It works in a purely electric fashion which is what Bitcoin is but you still need someone to verify things in the real world. Audits exist so that third parties can verify the books. Literally in a blockchain you just put in whatever you want how did you verify that that is what happened in the real world?
- basch 8y agohttps://azure.microsoft.com/en-us/blog/announcing-microsoft-s-coco-framework-for-enterprise-blockchain-networks/ https://azure.microsoft.com/en-us/blog/announcing-microsoft-... the participants audit each other real time, one party cant cook its books, if youre all writing one shared book. both parties agreeing to work being done and pressing "this work was done" or a camera watching for the work being done, would be a prerequisite for the task being marked as complete in the system. things like enron/toshiba happen when companies are maintaining multiple sets of books, one they present to the public, and others hidden in private.
- raiyu 8y agoGoes against the idea of blockchain. It's for untrusted parties to transact electronically. If you trust someone to review your books and sign off on it then both parties are trusting one another and no need for blockchain.