Blockchain technology first became know as the basis of the cryptocurrency “bitcoin.” blockchains are distributed transaction ledgers storing record data without central coordination by using a consensus-based mechanism to check the validity of transactions. Blockchain encrypted ledger entries distributed over the Internet: Altering or falsifying them without discovery is, as a practical matter, impossible. Since its first use in 2009 for bitcoins, some are calling blockchain technology the greatest revolution in accounting since the development of double-entry bookkeeping almost 500 years ago.
