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Enterprise blockchain technology can enhance the centuries-old system of double-entry accounting by adding a third entry that ensures the figures entered are immutable and independently verifiable, thereby boosting trust while reducing the potential for disaster from unwise attempts to ‘cook the books.’
The principles of modern accounting have been around since the 14th century but that hasn’t prevented scandals and spectacular collapses. Some of the more recent examples include Enron and Worldcom, which not only brought down the companies but also their auditors Arthur Andersen (after nearly 90 years in business) who were found to have been complicit in the deceptions.
The concept of triple-entry accounting (TEA) emerged shortly after these scandals in a paper written by Ian Grigg. This predated the release of Satoshi Nakamoto’s Bitcoin white paper by several years, relying instead on a financial cryptographic innovation called the digitally signed receipt.
https://t.co/yJ8Nn8HhPw
Now, with blockchain available, there’s a publicly proven version of the technology to underpin this TEA concept. Martin Coxall, director of growth at @BSV_Assn, says blockchain-assisted TEA can ensure financial data is immutable, independently verifiable, quickly auditable, available as a single source of truth (SSoT) and provided in a single set of books that is able to be shared by the parties globally.
https://t.co/Xjz4QpLSDu
Gone is the ability to keep multiple ledgers, each telling a different financial story. Instead, the blockchain is the ledger. You can’t convince a lone accountant or auditor to fudge the figures due to the ledger’s distributed nature. Attempts to manipulate the data after the fact are impossible because transactions are immutably recorded and time-stamped on the network.
As Grigg himself has observed, not all blockchains are capable of performing this vital role. Globally, the number of annual invoices are in the hundreds of billions, and invoices are only part of the ledger system. Any blockchain that can’t scale to handle a sufficient volume of transactions is incapable of serving in this capacity.
https://t.co/xF6bLbhTO1
The BSV Blockchain has prioritized scalability, not just to meet the needs of today but the demands that the future will bring. BSV has teamed with Aerospike, an industry leader in real-time high-performance database scaling, to put BSV’s Teranode scaling technology to the test.
Teranode’s capacity to efficiently and securely handle in excess of one million transactions per second—while limiting individual transaction costs to tiny fractions of a cent—will enable enterprises to utilize BSV for a wide variety of their data management requirements, including TEA.
Even better, BSV’s ability to pack exponentially more transactions into individual blocks than other proof-of-work blockchains—while also making redundant some traditional data processing energy expenditures—makes BSV a far ‘greener’ option than blockchains solely focused on financial speculation.
Companies like @UNISOT_ who already utilize blockchain to manage end-to-end supply chain solutions are devising ways to help accountants and auditors make the leap from double-entry to TEA. The result will be reduced timelines for audits, simplified due diligence processes and—perhaps most importantly—greater investor confidence that the companies they support aren’t leading them down the road to ruin.
Anyone looking for an easy fiat on-/off-ramp for the BSV Blockchain’s token should check out the Orange Gateway exchange, which is now live in 42 countries.
https://t.co/JUmVlFFutt
It’s good to see that entities like @orangegatewayx are savvy enough to see through the ‘noise’ that surrounds BSV courtesy of the trolls that seem to have made it their personal mission to keep BSV off people’s radar (and out of their digital wallets).
For many people, BSV has been difficult to acquire after the mass delisting campaign that some prominent exchanges launched in 2019. Allegedly aimed at a single BSV supporter who believes in Satoshi’s creation—BSV is the only Bitcoin that Satoshi would recognize—the reality is that this anti-competitive (and likely illegal) campaign punished all BSV holders by limiting BSV’s accessibility, leading to a dramatic reduction in the BSV token’s fiat value.
These same exchanges see no hypocrisy in listing tokens offering zero utility, good for nothing other than financial speculation and allowing grifters to pump-and-dump memecoins on retail customers, in the process harming the very individuals that the exchanges were supposed to be ‘protecting’ by denying them access to BSV.
This is all the more unfortunate given that the BSV Blockchain is the only platform that’s committed to scaling to handle the data needs of governments and enterprises. The only platform that’s capable of linking up with AI, machine learning and IPv6 to bring about Metanet—the next evolution of the internet that will restore its original peer-to-peer design and enable new commercial projects based on cost-effective micropayments. The BSV token will ultimately serve as Metanet’s common currency, making it crucial for the public to be able to acquire the tokens without certain exchanges putting their anti-competitive thumbs on the scale.
In the end, BSV’s utility-first focus will win the battle for ‘narrative’ against the useless speculative tokens. We’re already seeing signs in the market—like Coinbase’s Q3 financial report and the 15% slide its shares took the next day—that retail customers have stopped playing in the ‘crypto casinos.’ This is a corner that the exchanges willingly painted themselves into and now don’t know how to get out of.
https://t.co/fA3FcjR10o
Again, my hat’s off to exchanges like Orange Gateway (and India’s CoinDCX, among other notables) that are smart enough to think for themselves, see through the anti-competitive trolling and embrace the technology that Satoshi gifted the world. Onward!
High-performance computing (HPC) sites are looking to nuclear power to fuel their electricity demands, which I’m all in favour of, provided there’s a wider societal benefit from these HPC operations. Otherwise, shut ’em down (1/13)
We’re about one-third into the current NFL season and, predictably, several teams are already experiencing locker room discord due to their failures on the field (1/8)
So, we have been running Teranode for a little over 3 weeks. It's kind of like a hot rod that isn't exactly street-legal yet, but still really fun to drive.
The beauty of it is that we can see the only things left to do are buttoning up the details!
#Teranode#BSV
Google Trends shows an unprecedented surge in the volume of searches for ‘onchain’ over the past few months, even as searches for other blockchain-related terms (Bitcoin, NFTs, etc.) have either fallen or stayed within traditional ranges (1/9)
Understanding #blockchain interoperability challenges is key. Overcoming hurdles in seamless data exchange can drive innovation and efficiency.
Dive into the full discussion and learn how we can create a more connected blockchain ecosystem.
Watch here: https://t.co/ppQCq6wOdj
Last year, we redefined what a utility blockchain conference should be. This year, we're redefining the conference experience as a whole. Get ready for workshops, networking opportunities, and all things blockchain—all year long.
Register for updates: https://t.co/Kc0ireL7Rh
Conference Director, Alex Stein, and Alvaro Bravo, CEO of Universal Plastic, discussed at the #LDNBlockchain how #blockchain and #AI are revolutionizing environmental sustainability. Watch the full discussion here: https://t.co/KXLjMaUE5R
It has been seven years since the Bitcoin Civil War divided bitcoin’s factions permanently.
It’s still lamentable that any of it had to happen.
Possibly the biggest lost opportunity in our lifetimes.
Are cross-border transactions driving #blockchain adoption? Sean Kiernan thinks so. Discover how #stablecoins are leading the way in global finance.
Learn more in the full video: https://t.co/vYToqE7aeH