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The million dollar application is accounting systems like SAP etc. Where you have shares issued, the books, all incoming and outgoing transactions. And then e
by basch 5y ago
The million dollar application is accounting systems like SAP etc. Where you have shares issued, the books, all incoming and outgoing transactions. And then every one of your partners is using a compatible system. In construction, a new building being built would be its own project that each firm interacts with. AP/AR/Inventory/Labor/Progress/ChangeManagement all in sync between all parties.
Autodesk will probably get there first, and everyone will pay to use a centralized system instead and then have to export the data to their legacy accounting system.
But, a group of collaborating firms, that still dont quite trust each other, or want to hide certain amounts of profit, are a use case.
- hluska 5y agoAccounting has already solved this problem. It’s based on double entries, separation of duties and audit. If there are still problems despite those controls, blockchain won’t solve them - those are human problems.
- basch 5y agoA blockchain is triple entry accounting, which has advantages over double. http://www.warrenhenke.com/writing/essays/triple-entry-accounting http://www.warrenhenke.com/writing/essays/triple-entry-accou... https://iang.org/papers/triple_entry.html https://iang.org/papers/triple_entry.html I find it odd to say "thats a human problem" as if technical invention over centuries isnt specifically to abstract away human inefficiency. A group of somewhat trusting firms doesnt need crazy PoW/PoS. The idea of companies sharing a collaborative ledger when working together shouldnt be dismissed so flippantly. Everyone keeping their own (unreconciled automatically with each others) book may be the status quo, but it doesnt make it optimal.