Blockchain

Examining new and emerging technologies, while reflecting on their potential implications, is an important facet of this course.

As electronic and mobile commerce continue to grow and evolve, methods and systems to facilitate and record transactions are changing. A blockchain is a record of transactions, collected in blocks. The blocks utilize cryptographic hashes to link it to the previous block through a timestamp and record of current transactions. This makes it nearly impossible to retroactively change blocks without causing alteration to the blockchain. The blockchain can be shared across networks using peer-to-peer protocols to provide open and verifiable ledgers. Blockchain technology, if implemented correctly, can make for a secure, decentralized and fault tolerant transaction system.

It can allow for individual (peer-to-peer) transactions without the need for third party verification. This eliminates the needs for services such as financial institutions, accountants or lawyers the blockchain can be used to securely track and verify transactions. Most cryptocurrencies utilize blockchain to track transactions, but blockchain can potentially track anything, including energy, funds for a specific purpose or food shipments. Another use is in "smart contracts", contracts that can be executed with little or no human intervention.

The following resources discuss fundamental concepts around the blockchain. Watch the videos and read the material before joining the forum discussion.

Based on material in the two videos below and the information on this page,Blockchain explained, answer the following questions.

What might adoption of blockchain mean for business transactions and accounting in the future?