Bitcoin Forum
December 17, 2017, 08:19:28 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [2017-05-10] Firstpost: Blockchain explained and what banks can gain  (Read 187 times)
polynesia
Legendary
*
Offline Offline

Activity: 1260



View Profile
May 12, 2017, 12:08:36 AM
 #1

Blockchain explained and what banks can gain from Distributed Ledger Technologies

http://tech.firstpost.com/news-analysis/blockchain-explained-and-what-banks-can-gain-from-distributed-ledger-technologies-375523.html

Ever since Benedikt Kotruljević of Dubrovnik (in Croatia) recorded the first known reference to double-entry bookkeeping in 1458, the General Ledger (GL) has formed the bedrock of financial accounting. For centuries, it remained fundamentally unchanged and true to its original principles, and even when technology changed its form, it did not alter its substance.

But now the venerable general ledger could succumb to digital disruption, thanks to the arrival of Distributed Ledger Technology (DLT), of which Blockchain, Ripple and Ethereum are the best-known examples. Where ERP only worked at the surface to digitize and automate the general ledger, Blockchain is striking at its foundations.

To understand the significance of this event we must briefly revisit the origins of the general ledger. The GL is governed by 3 golden accounting principles – debit the receiver, credit the giver; debit loss and expense, credit profit and gain; debit inflow and credit outflow. These principles are inviolable.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!