Transactions have traditionally been recorded as journals in the general journal, not the ledger. A true ledger requires a posting process, something not considered in Bitcoin's blockchain.
Questions if the core banking systems are really a barrier standing between blockchain disruption and the finance, risk and other systems, or will the impact go beyond those externally facing systems.
Discusses how banking is the process of matching illiquid loans against liquid deposits, and how the finance, risk, and other systems are at the core of that process.
Touches on the flow-through balances that a double-entry account-model brings to most ledgers, and how this is missing in most blockchain solutions.
Answers the question from a viewer about what are the challenges of reporting off of blockchain data structures.
Briefly describes a posting process, and discusses why the efficiency it brings is critical to the scale of financial systems. The absence of a posting processing blockchain will inhibit scaling to today's financial processes.
Outlines how blockchain, based upon a trustless system, lacks efficiency in sharing ledger data even between trusted parties because of the file formats chosen.
My name is Kip Twitchell, and I am the original finsysvlogger–I’m sure I was the first person to vlog about financial systems. I have 30 years of experience in financial systems and financial reporting, over 25 years of that in consulting. I have constructed financial and big financial data analytical and financial systems for Fortune 500...