14 THE QUEENS COURIER • JULY 13, 2017 FOR BREAKING NEWS VISIT WWW.QNS.COM
JOHN J.
CIAFONE, ESQ.
WHAT IS BLOCKCHAIN?
BY JOHN SAVIGNANO, CPA
Blockchain is one of the most popular
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and controversial topics of conversation
among technology leaders
in finance today.
First, blockchain is a digital ledger
of economic transactions that
is fully public, continually updated
by countless users, and considered
by many impossible to corrupt. It
is a list of continuous records in
blocks.
A blockchain database contains
two types of records: transactions
and blocks. Blocks hold batches of
transactions. The blocks are timestamped
and link to a previous block.
The transactions cannot be altered
retroactively.
It is possible to program the blockchain
to record transactions automatically.
The monetary value of
those transactions is usually measured
not in U. S. dollars, or any
other standard centralized currency,
but in crypto currencies-that is, digital
currencies that are not controlled
by a central bank. Think of blockchain
as the rails that bitcoin and
other crypto currencies ride on.
WHY SHOULD YOU CARE?
Blockchain is much more than bitcoin.
While many people in finance
departments might mistake the
mysterious and often volatile bitcoin
for blockchain, they are two
very different things. While invented
to help transact in bitcoin, blockchain
is the digital global ledger
that not only records crypto currency
transactions, but also provides
a home for documents of all sorts.
Everything from property deeds, to
birth records, to money such as bitcoin
and various alt-coins resides on
a blockchain backbone.
Blockchain could reshape the business
of recordkeeping, and business
itself. As scalable applications are
deployed and if they live up to their
potential-blockchain will profoundly
change how records are kept and
transactions are processed.
Many finance executives are lagging
behind their peers. The time has
come for finance leaders to step up
as blockchain awareness is increasing
and predictions of the impact blockchain
will have.
Blockchain is becoming a powerful
way to do business. It is beginning to
realize its potential to aid in a wide
range of areas, from compliance to
data management. There is a massive
interest in experimenting with the
technology and applying it in every
business process.
John Savignano is a partner with
Savignano Accountants & Advisors
located at 47-46 Vernon Blvd., Second
Floor, in Long Island City. If you have
any questions or require additional
information, please call John at 718-
707-0955.
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