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POST Accounting is so last millenium

In my book “Before Babylon, Beyond Bitcoin” I look at how this infrastructure hs evolved.

Double entry

Accounting is one thing, but it is not the whole story. When the

At very high level, then, accounting led to the creation of modern markets and it’s cousin, auditing, set in place the infrastructure necessary for large-scale enterprise and modern prosperity. But they are not perfect. They are backward looking. But there is another way. I co-authored a paper on this some time ago and co-opted the architectural term “ambient accountability” to describe the combination of practical Byazantine fault tolerance consensus protocols and replicated incorruptible data structure (together forming “shared ledger” technology) to deliver a transactional environment that has a form of controlled transparency (“translucency”).  As XXX from R3CEV describes this new environment, it is much simpler to operate and regulate

The reconciliation comes as part of the fact recording; not after. Organisations can “confirm as they go“, rather than recording something, then checking externally afterwards. How? Distributed ledgers build in connectivity and validation criteria.

From Distributed ledgers: “Confirm-as-you-go” | Bits on blocks

Thus accounting and auditing are combined and embedded in the data structure.

If the relevant parties do not agree on a fact, it doesn’t get recorded for either party.

From Distributed ledgers: “Confirm-as-you-go” | Bits on blocks

xxx

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