This week, nChain Chief Scientist Dr. Craig Wright delved into how Bitcoin SV (BSV) can be useful for forex accounting as well as Ricardian contracts. In a Medium post, titled “Forex accounting in script,” Wright explained that Ricardian contracts fit within the Bitcoin concept, especially since Bitcoin is designed to work within the law.
For businesses, this means having the option to enable automated and self-enforcing auditing and payment of due shares. This allows governments to collect taxes accurately, efficiently and in a transparent manner, while enterprises can streamline their proceedings to ensure that they are legally compliant, among other use cases. The question is, how?
nChain currently has a number of patent applications that covers a variety of scenarios and use cases. One of this is for the Registry and Automated Management Method for Blockchain-Enforced Smart Contracts, which ensures that the efficiency and convenience of electronically enforceable contracts are “at a fully compliant level.”
In a blog post, nChain’s Sebastian Plötzeneder explains how the solution “bridges the gap between legally compliant paper-and-ink contracts and electronic ones.” With the nChain solution, enterprises will benefit more from establishing and maintaining contracts solely on the blockchain.
The nChain solution offers several advantages. First, there’s ease of compliance, since law requirements can be kept in check easily. The rights to privacy are also strengthened, thanks to nChain’s Deterministic Key Generation, which allows identities to be linked and authenticated without exposing an enterprise to unauthorized access. Finally, the services are integrable with current standards and practices, including facilities like XBRL, XML, and JSON, among others.
“The convenient, regulatory-friendly, and secure solution goes hand in hand with building a key part of nChain’s Metanet project, where device and web information can be organised and commercialised on the Bitcoin SV blockchain,” Plötzeneder noted.
Read the nChain blog post, Self-Enforcing Contracts and Accounting on BSV – Visions for Bitcoin from Dr Craig S Wright, here.
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