Welcome to UPACA
Understanding ABCD-Demystifying Technologies
A block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, a block chain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.
Block chain enables to get all the related parties in the ecosystem on to the network thereby ensuring the following:
Block chain can be a private block chain( restricted) or a Public Block chain accessible to all
The typical Business use cases of a Block chain would be in cross Border inter-Bank payments LC transactions , Stock exchange trading where multiple parties are involved. Bitcoin uses block chain technology and is not the same as block chain, although at times interchangeably used.
Impact to Chartered Accountants
Opportunities for Chartered Accountants