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Use Case: Blockchain Accounting

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Although most accounting processes have not yet been moved to blockchain platforms, the number of business processes in the blockchain has changed.

Experts believe that blockchain accounting is the next step for the accounting sector and for a good reason. Audit and security professionals should keep abreast of developments and learn more about business applications in the blockchain, accounting, and the overall blockchain technology.

 

Blockchain in the Accounting Industry

Independent auditors will need to understand blockchain technology as it is implemented on customer sites, whether customers are looking for blockchain business opportunities, implementation of business applications with blockchains or the use of blockchain in accounting.

Students studying blockchain accounting and the definition of the blockchain will find that the function is the foundation on which cryptocurrencies are built. In addition to the definition of the blockchain, students will need to understand the role of cryptocurrency in the investment world. Blockchain definition students will also receive training on other cryptocurrencies that use blockchain technology.

Access controls for cybersecurity and blockchain access – including auditing what “value” has been symbolic for the blockchain, are two promising new revenue segments for the accounting sector. Cloud accounting, tax, and audit software providers will, of course, adapt to the huge change chain.

In April 2018, Ernst & Young launched “blockchain Analyzer,” which will allow EY audit teams to review and analyze transactions on the blockchain. Although blockchain technology offers many promises, it is not an easy task to integrate your business with the blockchain. Accountants can change the way in which blockchain will be used in the future and how blockchain solutions and services will be developed.

Most of the blockchain software options are priced and run like other software, with some available free software ( Bitcoin blockchain ), others charge fees for each piece of data added ( fact ), and others are built exclusively for commercial use ( Ripple ). Although most accounting processes have not yet been moved to blockchain platforms, the number of business processes in the blockchain has changed. Most of the Balanc3 users so far are companies in the area of cybercrime and not companies that have changed the blockchain from traditional accounting formats, but shears expect this to change as soon as the auditors and auditors start working with the blockchain events as part of the insurance.

The technology of the blockchain is, almost without arguments, the subject of the year and is even more prominent for the accounting and financial services industry. Blockchain technology already has a dramatic effect on traditional accounting functions, but the link between durability, the blockchain, and accounting is still worth further analysis. The blockchain, at least in the financial and accounting sectors, is often discussed equally in terms of emotion and anxiety, as it accelerates and strengthens trends towards automation and the elimination of traditional accounting functions.

The blockchain records the exchange of values between the parties, creating a secure and permanent record of transactions that can be fully audited by code. Therefore, the blockchain is undoubtedly intended to take over the double entry accounting process in the corporate environment. Interestingly, PwC went to the point that the lack of a standard way of checking blockchain transactions is the reason why companies were reluctant to accept the blockchain. The blockchain could even open up markets for financial business processes and audit markets outside the Four largest accounting firms.

Ethereum is a decentralized, open-source platform where stakeholders can customize the application of the blockchain for intelligent contracts or agreements that are executed exactly as planned, without any downtime, censorship, fraud or external supervision and mediation. Knowing how to set up different networks and blockchain platforms is an excellent skill, but the real value that CPAs can provide is to provide business with bookkeeping, certification and consulting services.

As more and more companies enter the cryptocurrency economy, the accounting firms serving them will have to include cryptocurrency transactions in their accounting processes. As SaaS services based on the blockchain network are launched in 2018, accountants are prepared to discuss with suppliers how they can integrate their accounting services. As the development of the blockchain is permeating the accounting sector, regulators, technology providers, and account managers need to collaborate and look for ways to make the transition beneficial to all parties.
As the development of the blockchain is permeating the accounting sector, regulators, technology providers, and account managers need to collaborate and look for ways to make the transition beneficial to all parties.

For accountants and auditors, blockchain has a lot of potentials, especially in combination with other innovations such as machine learning.

#Bitcoin

Can Bitcoin be Traced?

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Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

To track the person who received the bitcoin, the address owner must be aware of it.

However, governments do not want bitcoin owners to be unknown, and they are trying to regulate bitcoin in a way that can be monitored.

It’s nothing new since people have been doing blockchain analysis and bitcoin tracking since bitcoin was used to exchange stuff on the internet.

 

Is Bitcoin Anonymous?

As Bitcoin has become more popular and some criminal activity has been disclosed on the Bitcoin network, many people have wondered whether their Bitcoin transactions are anonymous or whether there are some essential complexities that they should be aware of.

Bitcoin tumblers allow many different users to put their cryptocurrency in a “bucket” and then return the same bitcoin value to each user, but with bitcoins put into a bucket by other users.

Bitcoin is not entirely untraceable, but it is a common misunderstanding, as Bitcoin is well known for masking user identity.

 

Users who rely on bitcoin exchanges ( such as Bitfinex, Binance or Kraken ) to exchange money for bitcoin must disclose their personal information to such an account.

However, governments are beginning to introduce new rules that could force an anonymous Bitcoin exchange to verify the identity of a new user before allowing them to purchase Bitcoin with fiat currency.

Create multiple addresses so that bitcoin can be randomly distributed, making blockchain analysis more difficult and anonymous.

 

Bitcoin is often presented as an untraceable payment method that facilitates illegal activities by allowing criminals to make and receive payments without being monitored.

There are many ways in which the identity of a person can be exposed to bitcoin transactions.

 

Now you have your bitcoin clean; you don’t want to waste all the hard work of using it in a trackable transaction.

As such, if you can pay with bitcoin and rely on the trader not to keep any PII records, the purchase may be anonymous.

If you prefer to spend your bitcoin on other cryptocurrencies or cash, the easiest thing to do would be to go to the exchange.

Portfolios, currency exchanges, mixing companies, and P2P sites have all been used to cheat bitcoin users.

Keep in mind that bitcoin is still the most widely accepted cryptocurrency.

 

Bitcoin is the only virtual currency with enough people who want to buy it to become moldy.

Cybercriminals use the creation and monitoring of Bitcoin portfolios, which can be done automatically, helping them find out which victims have paid.

Bitcoin transactions are public and contain all the information we need to track ransom payments, provided that we know which wallets to look at.

In most cases, payment tracking is not as easy as cybercriminals move bitcoins through multiple wallets to avoid payment tracking.

 

So, if you’re still thinking about using Bitcoin for your transaction gateway, be careful that you can track it as well.

Most users use online bitcoin exchanges to exchange bitcoins for real currency, such as bitpay, coinbase, localbitcoins, etc.

As the number of pro traders is slightly lower in online markets, it is easy to look at the bitcoin transaction by going to their bitcoin address.

 

Oaktar can be used to collect much more than the information needed to identify and link someone to specific Bitcoin addresses and transactions and can do so without relying on cryptocurrencies.

As alarming as oaktar and its activities, no new information has recently emerged to indicate that the NSA has expanded its Bitcoin monitoring efforts to other cryptocurrencies.

These protocols include CoinJoin, Dark Wallet, bestmixer, io, sharecoin, and coinwap, all of which also offer Bitcoin and other cryptocurrencies the possibility of anonymizing their transactions.

In the meantime, the more direct and intrusive methods of the NSA are also based on the fact that crypto users unconsciously compromise their internet connections, which could not be expected to monitor all cryptocurrency transactions in mass.

 

Bitcoin, the Internet currency loved by computer scientists, libertarians and criminals, is no longer vulnerable.

But Bitcoin ‘anonymity is also a powerful tool for criminal financing: virtual money can keep shady transactions secret.

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#Blockchain

Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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#Blockchain

JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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