Blockchain Revolution

Accounting for Value: Accounting is the measurement, processing, and communication of financial information about economic entities. It is a multibillion-dollar industry controlled by four massive audit firms—Deloitte Touche Tohmatsu, PricewaterhouseCoopers, Ernst & Young, and KPMG. Traditional accounting practices will not survive the velocity and complexity of modern finance. New accounting methods using blockchain’s distributed ledger will make audit and financial reporting transparent and occur in real time. It will also dramatically improve the capacity for regulators and other stakeholders to scrutinize financial actions within a corporation.

FROM STOCK EXCHANGES TO BLOCK EXCHANGES

“Wall Street has woken up in a big way,”¹⁷ said Austin Hill of Blockstream. He was speaking of the financial industry’s deep interest in blockchain technologies. Consider Blythe Masters, one of the most powerful people on Wall Street. She built JPMorgan’s derivatives and commodities desk into a global juggernaut and pioneered the derivatives market. After a brief pseudoretirement, she joined a New York–based

start-up, Digital Asset Holdings, as CEO. The decision surprised many. She understood that the

THE GOLDEN EIGHT

Blockchain Transformations of Financial Services