How the Blockchain Could Stop Firms Cooking the Books

By Danny Bradbury

Enron, WorldCom, Lehman Brothers and Saytam are all dark moments in corporate history. One way or another, they all cooked the books to hide their true financial position, at the expense of investors, customers, and sometimes, the tax payer. Could the blockchain be used to stop corporate fraud?

It’s unlikely that large organizations would begin trading entirely in bitcoin, but some believe that distributed ledgers could be used to 'bake' verified transactions directly into a company’s accounts, even if those transactions are conducted in fiat currency.

Charles Hoskinson, former CEO of Ethereum, believes that accounting is one of the next big opportunities for the blockchain.

Hoskinson said:

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WATCH A BLOCKCHAIN COMPANY SAVE BANK OF AMERICA $17 BILLION (HYPOTHETICALLY)

By  Clay Michael Gillespie

One of the cool things about the bitcoin blockchain is the amount of possibilities it entails. Bitcoin isn’t just a financial asset; it’s a piece of technology that changes everything. One company is building a business on record keeping by utilizing the blockchain.

The company of focus is called Factom. Factom is am open-source Bitcoin 2.0 blockchain based company 

using the technology for non-monetary purposes.

Factom and the Future of Blockchain Technology

There are so many possible problems with centralized record-keeping that could be solved through the decentralized blockchain method. For example, multiple mortgage companies, such as CitiBank, were fined billions of dollars due to a mishandling of records. One of these companies was Bank of America who fell victim to a $17 billion fine, also known as the largest fine in history.

In response, Factom made the video below to showcase how they could utilize the bitcoin blockchain to keep Bank of America’s records permanently engrained in the distributed public ledger.

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