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Author Topic: [2017-05-10] Firstpost: Blockchain explained and what banks can gain  (Read 187 times)
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May 12, 2017, 12:08:36 AM

Blockchain explained and what banks can gain from Distributed Ledger Technologies

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.
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