At Satoshi Systems, we believe the introduction and growth of Blockchain technology is making accounting and auditing, as practiced today, redundant and obsolete.
If you are not yet familiar with Blockchain and what it can do, you are in for an eye-opener. It is a technology that allows any number of parties to log their transactions on Blockchain based ledgers that are accessed via PCs, laptops etc. Individual transactions get date-stamped and automatically linked to a previous transaction, using a specialised algorithm referred to as a ‘hash’. The ledgers of all people using Blockchain are duplicated and synched over the entire network - it doesn’t matter which part of the world the user is working from.
It means that rather than having to maintain individual records related to individual transactions, entries are written straight into a mass register. This creates an interlocking system of accounting transactions. Because individual transactions are sealed cryptographically within these Blockchain based ledgers, fiddling with or destroying the records is virtually impossible.
This new technology accommodates the creation of smart contracts that are able to perform various actions when conditions are right – for example, automatic payment upon verified receipt of goods or services, plus many other functions.
Blockchain accounting signals the end of the old double entry system. It will take an awful lot of day- to-day slog out of bookkeeping, freeing up the time for highly paid accountants to focus their attention on looking at more complex and pressing accounting issues.
To find out more about how Blockchain based ledgers can benefit your business, contact us here at Satoshi Systems Ltd by telephone on +44 203 668 3666 or by email on [email protected], or visit our website at https://satoshi.ltd/contact.html.