ACCT 484 Lecture Notes - Lecture 40: Satoshi Nakamoto, Xbrl, Block Chain
10 Dec 2016
School
Department
Course
Professor
Document Summary
Process: form a committee, define the roles and objectives, perform a risk assessment. Establish the cost of mitigation: write the plan. Implementation: test the plan, maintain the plan. Background on block chain: in 2008, satoshi nakamoto wrote and published a paper describing the use of blockchain technology for the cryptocurrency bitcoin, similar technologies existed, but this was the first major use of blockchain technology. Blockchain technology: a public, decentralized, distributed ledger that is capable of confirming the transactions that pass through it. How blockchain technology operates: blocks in a chain = pages in a book, each page contains: Predictable page numbers: block by block. Types of blockchain technology: public, private. Transactions are independently verified and processed by a miner. Processing time is slower: centralized databases. Blockchain"s impact on accountants: blockchain could potentially eliminate the middleman" since it records transactions, establishes identity, and establishes contracts. All of wich are currently being carried out by the financial services sector.
