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In: Accounting

Please answer all three questions with a total of 1,000 words and no plagarism! 1. What...

Please answer all three questions with a total of 1,000 words and no plagarism!

1. What is a good working definition of blockchain and cryptocurrencies?

2. How could these technologies drive change in the accounting and finance fields?

3. What are some of the obstacles facing firms trying to implement blockchain solutions?

Expert Solution

1 )

Block Chain :- A system in which a record of transactions made in Bitcoin or another Cryptocurrency are maintained across several computers that are linked ina peer to peer network .

Crypro currency :- It is a digital Currency in which encryption techniques are used to regulate the generation of units of currency and verify the TrasfTra of Funds , Operating independently of a Central Bank.

2)

1. Changes in value and quantity of crypto currency is taxed to be capital gains or losses..

2.Obtaini larger quantities of bitcoin , either through mining or buying it , will result in an increase in Capital , making it subject to capital gains tax..

3. Although Block chain technology was created to serve as the backbone for bitcoin crypto currency , it has applications across broad cross of industry ..

4. The advantages that blockchain offer to accounts are Imporved efficiency , Reduced errors , Reduce cost , Easier reconciliation , reduced frauds , Reduced Auditing...

__________

3)

Some of the Obstacles for firms Trying to implement blockchain are

1. 51% Attack :- It implies that if more than half of the mining hashrate i , e computing power of a bloackchain is controlled by a malicious party , they get to choose what transaction s go through .

2. Smart Contracts :- Smart Contracts are programmes that Distribute transaction according to a pre determined set of rules. thy allow for a capital or data to be distributed across parties in a manner hat none of them can renege on.

Some of the other Obstacles are ,

Secure Data storage

Legacy Infrastructure

Adoption

Credibility

Scaling limitations

Throughput speed

Legal complexities

Illegal Content .

ekkarill92 answered 8 months ago

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