What is blockchain ? It is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.
It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".
A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account. Which is the principal tool of book keeping in accounting. Accountants take note.
Blockchain draws itself from accounting, an accountancy-based technology. It reconcile accounts. It records transfer of ownership of assets, and maintaining a ledger of accurate financial information. An accountant is mainly concerned with the measurement and communication of financial information, and the analysis of the information. Much of the profession is concerned with ascertaining or measuring rights and obligations over property, or planning how to best allocate financial resources. To the accountants, by using blockchain technology, it provides clarity over ownership of assets and existence of obligations, and the big potential is to improve efficiency resulting to lower costs. Costs grow exponentially with the size of the company and by improving efficiency, the potential savings is bigger for a larger company.
There is so much potential for the accountancy industry in using blockchain technology. It improves transparency and it provides a robust framework to track and measure assets. What assets are available and at what value, in real time, and this could help in better management of cash flow as the information is just at your fingertips.
One good area where blockchain is relevant is in the Order, Delivery and Invoicing processes. The main disadvantages or problems of the traditional Order, Delivery and Invoicing processes are:
- potential of entry errors on both sides
- high operational costs per document on both the sender and receiver
- potentially higher costs if there are errors or disputes
- involvement of multiple systems.
By using blockchain technology, we can say good riddance to the above-mentioned problems as blockchain provides clarity over ownership of assets and existence of obligations, and the big potential is to improve efficiency resulting to lower costs. A big plus to businesses and the end consumer.
Enter The Accounting Blockchain (TAB), ( https://www.theaccountingblockchain.io/?aId=2693923-1274917 ), one of the solutions that will lead to a profound change to how accountants and also auditors work.
TAB creates a trusted common ground to connect business accounting together through triple entry, the next step in accounting evolution, and will become a powerful tool to combat FRAUD. This is because transactions are documented in a permanent decentralised record and monitored securely and transparently. TAB will not have the problems of a centralised servers where it could be under the threat of data loss, human error and hacking, to name a few.
TAB provides the ecosystem for the triple entry accounting,and smart contracts tailor made to fit the current market of accounting software packages. This will dramatically change both the way companies invoice each other and the way payments are done along the supply chain all the way from purchase of raw materials to the end consumer. TAB smart contracts will allow invoices to be settled in AB tokens thus cutting inefficiencies along the supply chain which is caused by the FIAT system. The end game is, TAB is the future of payment systems – crypto currency.
TAB will ensure the supply chain operates efficiently and combat errors and frauds. This will then lead to savings in time, costs, labour, waste and emissions in the supply chain and this will positively contribute to reducing the real environmental impact of a product, to name a few. In the end, the savings can be passed on and enjoyed by businesses and the end consumer.
Please use the following URL to reach The Accounting Blockchain: https://www.theaccountingblockchain.io/?aId=2693923-1274917
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I am not a Registered Investment Advisor, Broker/Dealer, Financial Analyst, Financial Bank, Securities Broker or Financial Planner. The Information here is provided for information purposes only. The Information is not intended to be and does not constitute financial advice or any other advice, is general in nature and not specific to you. Before using the information to make an investment decision, you should seek the advice of a qualified and registered securities professional and undertake your own due diligence.
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