Auditors Go Blockchain!

It's so great to see new coverage like a recent article on Coindesk (https://www.coindesk.com/all-big-four-auditors-trial-blockchain-platform-for-financial-reporting/) that tells that the Big 4 auditors came together in Taiwan and develop and use the system to store reporting data for public companies on the blockchain.

So, as you might have already heard the blockchains can bring a strong suite of benefits to companies rolling them out. However, it's not every industry that can win from launching blockchains-based solutions.

How do you determine whether a blockchain solution will help an industry?

The most important advantage that blockchains bring to the table is their ability to enable different entities look at the same data at the same time, while being completely sure that the system prevents any cases of tampering with the data.

Here's a very good introductory blog post on how to decide whether blockchains will help you - https://medium.com/wethinkideas/how-to-validate-if-your-ideas-need-a-blockchain-e1a4846d16fd. In it, you'll find a link to the whitepaper that is not very easy to read but which "tells it all" (https://eprint.iacr.org/2017/375.pdf).

I am happy to see auditors going all on blockchains

We all win from expedited verification and checks when auditors, banks and all kinds of intermediaries start using blockchains.

Counter to the prevailing crypto-punk philosophy, I don't think that banks, auditors and other institutions might be taken out through the process of disintermediation. On the contrary, I think that in a couple of years, those bodies will be able to stop wasting time and valuable resources on checking numbers and start doing what they should be doing most, i.e. helping individuals and businesses open up their potential in whatever line of operation they are engaged.