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Blockchain, and its Impact on Accounting Profession
Block-Chain
A blockchain is a specific kind of digital ledger used to track transactions between network participants. It is a peer-to-peer, distributed ledger on the web that records each transaction that has happened since it was established. Each user of the shared database, whether an individual or an organisation, is a "node" connected towards the blockchain, maintaining a duplicate copy of the ledger. Every transaction represented by an entry into a blockchain indicates an exchange of value between parties. Various blockchain technologies are being developed & tested in the real world. However, this common foundation and methodology is used by the majority of blockchains. In spite of not having a central administrator, a properly operating blockchain is immutable.
Origin and Purpose of Blockchain
Cryptographer David Chaum proposed a blockchain-like system in his dissertation, "Computer Systems Established, Maintained, & Trusted by Mutually Suspicious Groups," which was published in 1982. A description of more work on something like a chain of blocks that's been cryptographically protected in 1991 was given by Stuart Haber and W. Scott Stornetta. They tried to set up a system that would stop people from changing the timestamps on documents. The New York Times has been publishing the documents certificate hash under the name of their company Surety every week since 1995.
In 2008, a person named Satoshi Nakamoto came up with the concept of the first decentralised blockchain (or group of individuals). Nakamoto greatly improved the architecture by timestamping blocks without having them to be signed by a third party.
The Bitcoin blockchain size of the file, which contains a history of every transaction that has ever taken place on the network, topped 20 GB in August 2014. From around 30 GB in Jan 2015 to 50 GB & 100 GB in Jan 2016 to 2017, the size of bitcoin blockchain rose. The size of the ledger will approach 200 GB by the beginning of 2020.
How does blockchain work?
A blockchain is a distributed, peer-to-peer database that stores an expanding number of transactions. Each transaction, referred to as a "block," is encoded, timestamped, & confirmed by each authenticated person of the database using consensus mechanisms. If not all database users have verified a transaction, it can't be entered into the database. When each action is progressively linked to the one before it, a string of activities is created (or blocks). An audit trial that can't be changed is a transaction that can't be changed. A transaction cannot be changed except by adding another transaction to the chain.
Blockchain – Decentralized Security
Decentralization is not a novel concept. The three fundamental network designs—centralized, distributed, and decentralized—are commonly taken into account while developing a technological solution. Although decentralised networks are frequently used in blockchain technology, a blockchain application cannot be categorised as either central or decentralised. Decentralization must instead be introduced progressively into every area of a blockchain programme. An application's management and resource access can be decentralised to provide better and more equitable service. In a perfect world, despite the fact that decentralisation frequently entails drawbacks like decreased transaction throughput, these drawbacks would be overcome by the enhancements in stability & service levels it brings about.
Where it makes sense, decentralisation should be implemented. It's not necessary for a blockchain application to be completely decentralised. Any blockchain solution's objective is to meet the needs of its customers, which may or may not involve a certain degree of decentralisation.
Every network architecture has advantages and disadvantages. Decentralized blockchain solutions, for instance, often put security above performance in contrast to distributed systems. Therefore, as a blockchain network grows or expands, it becomes more safe, but...