Blockchain may solve some pain points in accounting and financial industry?

1、Accounting pain point
1.Cheating, money laundering

1. Expensive audit fees

2. Low transparency

3. How to solve the blockchain?
   We can record all invoice data information on the blockchain. These data cannot be rolled back and cannot be changed.
   Some invoice data information is uploaded to the blockchain. When the block is first created, a random number, a hash value, is generated and stored in the block.If we want to change something in the invoice, the subsequent hash will be completely different.
   Therefore, to check whether the invoice was the same as N years ago, simply hash it again and compare the hash value with the hash value obtained when the invoice was created.
   The security and immutability of the blockchain ensures that no one can easily roll back the data and no one can change the content of the block. Everything can be checked and it is impossible to tamper with the data.

At the same time, as long as the hash value can be compared, it can also simplify the audit process and reduce audit costs.

Blockchain data can be checked at any time and place, and it also ensures the transparency of the data.

1. Possible problems
   Perhaps, companies have reasons like this and refuse to move accounting to the blockchain.
   Unless regulations force companies to do so. The government can demand that the company use a blockchain to store all invoices, bills, and accounts. This can also avoid tax evasion of some companies.
   Of course, if companies want to demonstrate their transparency and professionalism and maintain a good reputation, using blockchain technology can be a very good corporate PR strategy.

2. Pain points in the financial industry:
   Hyperinflation

3. Cross-border remittances, payments

4. How to solve the blockchain?
   For inflation:
   In the past, the central banks or governments of many countries increased their currencies without limit, resulting in hyperinflation, which drastically reduced the wealth of the people in those countries and brought pain to thousands of families. This was the case in Venezuela, and so was Nazi Germany. In the past, the people of these countries had no choice but to use the local currency. With the devaluation of the currency, many people lost their life savings.

On January 3, 2009, Satoshi Nakamoto embedded the text in the creation block: "The Times on January 3, 2009, the Chancellor of the Exchequer stood on the edge of the second bailout bank" and declared bitcoin to all human beings. The original intention of birth. Satoshi Nakamoto also wrote in his thesis: "The fundamental problem with traditional currencies is that they must be fully trusted to function. It must be trusted that the central bank will not devalue the currency. However, there is no lack of historical circumstances that violate this commitment... ..."
Bitcoin-led digital cryptocurrencies do not rely on the government’s credibility. Transferable, with good mobility and privacy - is a very good way to resist inflation.
Bitcoin offers a global alternative to those who are suffering from inflation, the global digital currency.

For cross-border remittances and payments:
Regardless of traditional payment tools such as Visa and Master, or emerging third-party payments (Alipay and WeChat), there are many restrictions in terms of cross-border business scope and transaction amount. And in some underdeveloped areas, the transfer time takes 1 to 3 days, or even longer to arrive.
The digital currency transfer and payment can be realized in real time. And in any corner of the globe, as long as there is a network connection, digital money transfer can be realized.