How blockchain technology helps automate accounting for your business and prevent fraudulent entries
Aug 26, 2017 Posted / 204275 Views
The digital currencies which are flying high in the market is empowered by the Blockchain technology. The blockchain technology is the driving force, the foundation behind many cryptocurrencies like Bitcoins, Ethereum and many more in the market. What makes them special is the transparency it provides when used for tracking records, mainly is a kind of Ledger. This ledger helps in maintaining, auditing records, thus, providing a platform which ensures data integrity.
This blockchain technology can be used in various of platforms. It gives a big platform to corporation, businesses and organizations to maintain the records and data. The Ethereum blockchain technology has a shared record of the transaction history. Every node of the blockchain has a copy of the history of the number of transactions made. The Ethereum blockchain is slightly different from others because it stores the recent, updated records of the smart contracts. For each of record, the network keeps updating the current state of the user's recent information.
This technique can be implemented in various firms or for the business purpose. It has become a more efficient platform for the work related to transactions, record maintaining in industries. It has emerged as a better option than the traditional one's existing in the market. The Blockchain technology helps for keeping the records and maintaining the accounts for business by using the techniques like smart contracts. Smart contracts came into existence after the announcement of the Ethereum project.
The smart contracts are the self automated programs in the computer that can carry on with the terms of contracts. It will help to avoid the regulations in the business, and will even help to reduce the costs too. The toolkit is quite a secure and easy as well to use. These Smart contracts are a boon for your companies since its adoption will let you have key codes for every transaction happening and these transactions once made cannot be edited or altered, which will be visible to everyone. Thus, this transparency will help to manage your accounts very smoothly.
Further, it will strengthen the financial department of your company. Since, every transaction is automated by the smart contract, they will carry on the procedure on their own and the transparency of the transaction will keep you away from frauds, scams, risks etc. You don't need to a high quality programmer for it, even an average programmer can work on it.
With the low amount of cost, high network speed, safe, secure , transparent platform, it will be a boost for the companies, not only for the financial department but also that they can expand their range of products, services by using such market trending technologies which are rising.
The blockchain technology will connect every of the transactions happening in a sequence which are the blocks, and these will be encrypted. So there will be no sign of errors, frauds when you use blockchain. The whole blockchain technology set up ig going to revolutionize the industry. There have been many kind of techniques which have come in the market, but no technology had the power to give this kind of impact, solutions to the issues which every company faces. No other traditional technology which have been used have brought a change in keeping away frauds or to maintain the accounts. Big companies like Walmart, Nestle are stepping in the shoes of blockchain and are trying to implement their own blockchain technology. For financial companies this will be a boon and many of them are testing this for various reasons like for payment transfer, accounting, and for many trading reasons,which will open up many opportunities for them.
This distributed ledger platform, will efficiently let to function records and transactions, thus tech companies like Microsoft, JP Morgan Chase are also creating software versions based on Ethereum blockchain.
Many companies have been using their own personal blockchain, which needs to be in control of an authority. These two network of personal and public blockchain have similar rules, but a slight difference in framework for different companies depending on the needs related to safety, risks, privacy etc.
The Ethereum network has come with the Ethereum virtual machine, which will make the working of the Ethereum blockchain more efficient, it doesn't need any experienced programming language, making it more simpler. It can develop many decentralized applications on one platform. There are ample of advantages of the Ethereum blockchain like you can have a safe and secure platform which is reliable, efficient to use, which is fraud proof, uneditable by any means other person, maintaining transaction details and records transparent, lower price etc.
With such advancement in the field of blockchain, there is no looking back for the Ethereum team and it is surely a platform to look forward to. Adoption of this technology will serve as a great deal of profit for the companies who are interested in the blockchain network.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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