Blockchain: why and how are companies deploying digital ledgers

Blockchain deployments are rapidly becoming mainstream. Nearly 40% of respondents’ companies are deploying blockchain technology, rising to 57% amongst companies with over 20,000 employees, a recent Juniper Research study reported. In part, this is due to increased awareness and understanding of what Blockchain entails, particularly at Founder/CEO level. Dr Windsor Holden, head of forecasting and consultancy at Juniper Research, says: “Distributed ledger technology was primarily understood in the context of Bitcoin transactions. What is interesting as the ecosystem has evolved is that attention is shifting away from cryptocurrencies to the underlying technology.” In this video Computer Weekly premium content editor Bill Goodwin speaks to Holden about the potential use cases where Blockchain can be deployed.

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Distributed ledger technology is understood as a future potential for accounting General Ledger, yes, this is true. Now, the Blockchain enthusiasts and Accountants together with Lawyers and Compoliance specialists should understnad the limitations of Blockchain that the GDPR enforces on the use/access of personal data. All personal financial data and operations with them are personal. As such, owners of the data (persons) should be provided with rights to access, changes, and remove these data from the Data Controller and Data Processor organisations. As we know, Blockchainstorage disallow any changes to the already stored data. That is, even if a company cannot does not remove the data, it must be able to mark a record as impacted by the person's request. This is also impossible with the Blockchain.