Premium
The new management of recordkeeping
Author(s) -
Wiatt Reina G.
Publication year - 2020
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.22426
Subject(s) - credential , blockchain , cryptocurrency , ledger , distributed ledger , computer security , business , scale (ratio) , computer science , accounting , physics , quantum mechanics
This article focuses on the emerging applications of blockchain technology for recordkeeping and data management requirements. Blockchain—the technology supporting Bitcoin and other cryptocurrencies—is a shared ledger that maintains transactions and documents in digital form. In a time when businesses face challenges in managing data security, there is a compelling case for developing a digital‐based recordkeeping system to address social problems on a global scale. Improving food supply chain safety, reducing the conflict diamond trade, and assisting refugees in preserving identity and academic credential records are just a few of the solutions offered by blockchains. Our global economy depends on the ability to create, store, and share accurate records. While implementation challenges remain, blockchain technology's ability to store and distribute immutable documents has the potential to improve data management security for industries worldwide.