Submitted by Aquillyne t3_zxaezl in Futurology
lofgren777 t1_j1zckxk wrote
Reply to comment by TruthOf42 in Crypto and blockchain are not the technology of the future – prove me wrong. by Aquillyne
My understanding is that blockchain isn't really useful "behind the scenes." It's value is that it can be exposed to the public without being messed with or traced. Banks want everything to be traceable and secret, so they are better off keeping private ledgers. The only reason it is appealing to the mob is because they have to worry about getting exposed, so you can't have a private ledger with a list of all your crimes in a safe in your office the way a bank can.
TruthOf42 t1_j1zp2ii wrote
No, it absolutely is useful behind the scenes, because even if someone wanted to, they couldn't fudge the numbers at all. The current system relies, to some extent, on trust, even within the system.
Blockchain allows anyone, in your org, for example, to access the system and not having to trust them. If they make a transaction it will be seen. This would be amazing for accountants and forensics because they can KNOW all transactions are accounted for
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