One Revolutionary Invention The Block Chain Will Change Forever
When people think revolutionary inventions; most minds direct towards fire, the wheel, automobiles, computers, gunpowder, aqueducts, electricity, steam engine. You know the usuals.
Your thoughts probably hover over blockchain technology as a revolutionary invention if you are using the Steemit platform and I agree with you.
However, did you know the double entry accounting system is one of the most revolutionary inventions of all time?
- I've heard it referred to as "the most important Italian invention ever" by a few of my college professors.
- Johann Wolfgang von Goethe has one of his characters in Wilhelm Meisters Lehrjahre call double entry "among the finest inventions of the human mind."
- At least 95% of businesses use double entry accounting in the United States.
How The BlockChain Will Change Accounting
The decentralized ledger is the core blockchain feature that will forever change accounting. In traditional accounting, transactions are recorded in a general ledger and then an Auditor enters the picture to verify the recorded transactions are statistically accurate for external parties interested in the general ledger information.
A decentralized blockchain ledger automatically creates accurate entries that can be verified independently by both parties to the transaction due to its public availability. This essentially creates a joint public ledger for all parties interested.
The benefits of a blockchain ledger are many, but here are a few:
- The public blockchain ledger can't be retroactively altered and will create more transparency.
- Interested parties will have more trust in a ledger because all the information is publicly available(Enron?).
- Inaccuracies in ledger recordings will be eliminated due to removing human error.
There is a term already created for this new accounting system: triple-entry bookkeeping.
Many accountants will be blindsided by this change in their industry. During a recent survey, only 4% of accountants selected blockchain as the disruptor that will have a great impact on their business 25 years from now.
If you are using the blockchain or reading this story post give yourself a pat on the back because you are truly at the forefront of a technological revolution. The majority of people who interact with currency for a living don't even know about blockchain and they are a group who should be paying very close attention to it.
The blockchain will be considered one of the most revolutionary inventions of our time. Change is coming.
OFFICIAL HOME OF THE FIRST EVER LOONEY COIN
If you enjoyed this post, please upvote and follow if you desire! I mostly story post about my sobriety, family, effects of war, and the crazier parts of my life. However, if it interests me I may just Steem about it! Steem on Steemians!
Since its inception, the blockchain was made to confirm transactions without only human interaction. But it's only real today is to be a decentralised ledger so it makes sense to apply it to crypto currencies.
If governments adopt the blockchain, it can be used to confirm real estate transactions or any properties.
Yes, I agree. One of the articles I read to prepare this story post is in regard to the color coded coins for different types of property used in smart contracts. Not only will the ledger be public but it can actually categorize transactions in order to make a Balance Sheet.
Good point buddy. Thanks goodness that Blockchain and AI will take over the world and we will be part of it!!!! steem on bro and keep powering up. Win win for all
It's weird that I think that I was behind the curve but now that I'm telling others all the time.
If you read the link under the looney coin picture it has this quote:
I believe we are still in the very early stages of the blockchain as a whole. I like to compare it to when people very first heard of computers, the internet, or a cell phone. The difference is that adoption will probably happen quicker than those technologies because of the speed in which we are able to communicate; if society chooses to accept this technology willingly.
Thankyou!I feal better now!
Like, upvote or something?
Steem ON! LOL
Change is already here. That train left the station a long time ago...
We are still in the early phases of change. We haven't seen anything yet.
Accounting?
What about education? All information/knowledge in the blockchain. All tests and exams in the blockchain. Exam fraud will be made impossible.
I have my degree in Accounting and have a personal interest in the field, hence why I wrote this. You are more than welcome to write about education as I am sure the community would love to read about it. Thanks for your reply.
Thank you for sharing,. I'm following you ^^
Thanks for the follow @ crypto-p! That means a lot. And you are very welcome!