Blockchain Accountability

Blockchain Accountability

Photo by Markus Spiske on Unsplash

A number of you, our valued readers of this weekly blog, have asked “What do you think about Bitcoin?"

With a market capitalization of $250B, it’s quite the shiny bauble we humans have invented as a store value - and ostensibly as a medium of exchange, though it’s not much good at that.

While I wish I’d bought a few Coins when they cost a few cents or dollars - instead of the $15,000 of today - what interests me more is Blockchain, the technology behind Bitcoin and other similar digital currencies.

Blockchain is a peer-to-peer digital accountability standard which allows for safe, transparent transactions and documentation for all sorts of human interaction.

We teach accounting because it truly empowers businesspeople, and because we deeply believe accountability is a force for good in the world. Blockchain is a brilliant new accountability tool.  

In addition to certifying the reliability of Bitcoin transactions, Blockchain helps food companies monitor the safety of their supply chains. The gemstone industry is testing it as a weapon against blood diamonds: each gem gets a unique, unchangeable, certificate linked to that stone's fingerprint, proving its origin.

In this video on the topic, WIRED tells us, "A lot of Blockchain applications can sound kind of boring. They're about making accountants happy by making things a lot more efficient."

This is one excited accountant who is imagining Blockchain’s potential to generate efficiency, security, and accountability worldwide.

Peter
Picture
Photo by NASA on Unsplash