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Blockchain technology is taking the business world by storm. It originated as a protocol for exchanging cryptocurrencies such as Bitcoin. It is now changing the way transactions are carried out by offering reliable and instantaneous verification in a distributed ledger system. Blockchain protocol makes records immutable and supposedly tamper-proof. In a blockchain-driven world, buyers and suppliers will be connected via tokenization, a process where the rights to physical assets are traded using digital tokens. Individuals would be able to create contracts, do business, and pass the rights of goods and services entirely virtually. This paper describes what blockchain technology is, how it works, its potential pitfalls, promises and implications for business, auditors and regulators.

Blockchain, digital ledger, cryptocurrencies