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Taking the Ledger to the Next Level. Blockchain Explained

Posted on January 22, 2016 by Dave Nitchman

Handwritten accounting on the open pages of some old ledgers

Earlier this week the BBC4 radio program “Today” hosted UK Government Chief Scientific Adviser Sir Mark Walport to talk about “blockchain” the emerging technology behind Bitcoin and other “distributed ledgers”. Also the technology behind Smart Contracts, these resemble traditional ledgers in that they track property or financial information, with the key differences being that they live in the cloud and can be updated by anyone who has the key to the cryptographic puzzle that secures them. This allows for varying permission levels and adds functionality to ledgers, leading them to be used in entirely new ways. We think this has significant implications for the business reporting supply chain and are confident that a range of mechanisms that leverage XBRL will emerge as Smart Ledger uptake accelerates. Listen to the interview (starts at 49:20)

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