Transformation of Business and Financial Platforms: What We Must Understand to Renew Existing Systems

Transforming existing business and financial applications is very challenging, particularly at scale where the stakes are highest. The data in them has been gathered and certified by auditors at great cost. The systems developed and tuned typically over years if not decades. A wrong turn can threaten the market value and even the existence of the organization. True ledgers not only capture transactions, but also maintain balances or positions over time. For blockchain to fulfill its potential to transform the world's business systems, most of which were automated before the Web was invented, developers must understand: •That while financial reporting on business events is the bedrock of modern capital markets, •Reporting purely on business events is inefficient; efficient systems include posting to balances •Example data structures required can be found in analogies to the daybook, the journal, and ledger of historical bookkeeping