BLOCKCHAIN: A FOUNDATIONAL CHANGE IN FINANCIAL RECORDS

Mahesh Thakker

No 2018-28-14, Working papers from Voice of Research

Abstract: Blockchain is a foundational change in how financial records are created, kept, and updated. Rather than having one single owner, blockchain records are distributed among all their users. The genius of the blockchain approach is in using a complex system of consensus and verification to ensure that, even with no central owner and with time lags between all the users, nevertheless a single, agreed-upon version of the truth propagates to all users as part of a permanent record. This creates a kind of ‘universal entry bookkeeping’, where a single entry is shared identically and permanently with every participant. This paper describes the technology and its likely impact on business, and in particular on the accounting profession. Key Words:blockchain, finance, accounting, book keeping Policy

Date: 2018-12
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