What is Blockchain ?
Blockchain is an audit trail electronic accounting ledger.
Current double bookkeeping accounting (evolved in 12th to 15th century Italy) was as important as the industrial revolution steam engine (18th century).
The last time accounting was improved was 500+ years ago, when mathematician Luca Pacioli dramatically affected the practice of accounting by describing the double-entry accounting method used in parts of Italy.
Blockchain is a major improvement of double bookkeeping because:
- All transactions are transparent with easily available tools like etherscan.io and ethplorer.io.
- All holders are identifiable at all times.
These 2 factors have great economic value to business and governments, on a scale similar to the introduction of the internet. Only fools think that wallet holders have anonymity; authorities have all internet and blockchain records on computers and when crosschecked with other computer systems, anonymity disappears. Blockchain is an audit system, where everyone can see everything at any time. This is a vastly superior complementary accounting system to double bookkeeping accounting.