Category Archive: distributed ledger

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Blockchain: the future of accounting?

Scrolling through this brief and meaningful infographic, provided by our fellows from Maryville University, we can get a glance of the immense and still unexploited potential of blockchain technology in Traditional Business contexts. One for all, Accounting.

Indeed the blockchain creates a decentralized ledger of all transactions where all records are updates and accessible to everyone in real-time.
And as everyone can perceive, this is a paradigm shift when it comes to subject like accounting.
This technology completely changes how monetary transaction are made, logged and given accessibility to. So its value for the Future of accounting is absolutely undeniable.

Some of the greatest possibilities which the blockchain empowers are:

1 smart contracting
2 consolidated bookkeeping
3 standardization in auditing
4 Security and Trust
5 Less Paperwork for accountant

Today, blockchain technologies outside of cryptocurrency and digitalized accounting systems are still in their infancy. And the best course of action for a smart professional is to brace for disruption and stay ahed of digital trends.

We are all witnesses in this era of revolution. But witnessing is not what counts.

Holytransaction, Marville University infographic - Blockchain the future of accounting


Infographic from Maryville University Online Bachelor of Accounting Program

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Blockchain Europe: Europol studies the ledger

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Europol, or the European Union major law enforcement agency, has started a new working lab to study the blockchain and digital currencies.
This program sees also the participation of Interpol, one the most important organizations focused on law enforcement problems, and the Basel Institute on Governance, a non-profit organization focused on financial issues.
According to a press release published a few days ago, this lab will organize workshops with a global network of experts.
“Internet technologies become continuously more advanced, and so do the ways in which criminals utilize them for their illicit and illegal activities. Among these technologies, digital currencies are already transforming the criminal underworld.”
Europol and Interpol collaborate on digital currency issues since the beginning of 2016, and these two groups already organized a few conferences and training sessions for the global law enforcement representatives in the past.
Also, earlier this year, Europol started a partnership with Chainalysis with the aim of expanding its power of tracking cryptocurrency transactions.

Blockchain Europe

Europe has always been interested in blockchain and cryptocurrencies since the beginning.
Recently a European Parliament representative suggested to start studying the blockchain and investing €1m in a task force focused on the distributed ledger.

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Blockchain use explained with Google Docs

To explain how the blockchain use to the newbies it is easier to compare its functionality to Google Docs, the popular document tools I’m using to write this article.
“The Business of Blockchain” author, William Mougayar, in fact, said that the two tools have something in common and this comparison is very useful to explain the blockchain use.
Everyday you can find new use cases of the distributed ledger and the more people understand how it works, the more we will see an improvement in this revolutionary technology.
Who invented the blockchain didn’t probably imagine all of its possible applications, which is the reason why nowadays there are more and more experts with a deep knowledge in a particular side of the technology.
But, the first step is having a good expertise in the blockchain use.

Blockchain Use is similar to Google Docs

The blockchain is similar to a database, but the ledger doesn’t revolution databases themselves, but how they get synchronized, explained Mougayar in his article appeared on Coindesk.
If two banks need to update their own account balances, they need to spend a lot of time and energy to coordinate, synchronize and ensure that each transaction works correctly.
In this case, money is held by the sender until it is received by the beneficiary.
But with the blockchain, this process changes a lot because there is only a single ledger and not two separate databases.
This is similar to Google Docs: what happens when you share a document and users need to edit it?
With traditional text editors users need to transfer the documents back and forth, losing time, energy and likely losing track of the versions.
With Google Docs, instead, all the users involved have access to the same document at the same time, and that document together with the updates are always visible real-time to each of them.
The same thing happens with the Blockchain compared to traditional ledgers.

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Smart Contracts through Rootstock, Ethereum and Bitcoin thanks to RSK Labs

smart contracts bitcoin ethereum blockchain
Some days ago Rootstock received $1m in seed funding for its own blockchain startup called RSK Labs who provides smart contracts through the bitcoin distributed ledger and compatible with the Ethereum platform.
The funding came from the bitcoin mining company Bitmain Technology and from the bitcoin companies Coinsilium and Digital Currency Group (DCG).
During a recent interview, Diego Gutierrez Zaldivar, CEO at RSK Labs, commented they aim at building a blockchain platform for bitcoin miners and for developers.
Zaldivar said to CoinDesk:
“Our idea is to leverage everything that has been built by the community so far. Not only on the network effect of bitcoin, because the miners will have an additional revenue stream by merge-mining Rootstock, but by providing Ethereum developers a place to build their applications.”
Probably RSK Labs will launch its platform within the end of 2016. 

Smart contracts with the Blockchain

Even if the RSK Labs is very good news, the most important thing we can learn from this event is the interesting development of contracts managed through the blockchain. 
Smart contracts were originally proposed 20 years ago by the famous cryptographer Nick Szabo
A decentralized blockchain with smart contract applications can allow a global financial inclusion, new democratic political systems and the improve of the Internet of things. 
In fact, smart contracts are technology protocols that verify and ease the stipulation of a contract. 
This way smart contracts can provide a better security compared to a traditional contract and allow a significant reduction in transaction fees. Also, smart contracts can provide a service with less risks and without central counterparties. 
To know more about smart contracts and RSK, read this article.

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Amelia Tomasicchio