One of the most important historical figure in the world who is unknown to many people, Fr. Luca Pacioli (1447–1517). He was a Franciscan friar, a renaissance man, and Leonardo da Vinci’s math teacher. All that was not what made him important. What made him important was that he was “The Father of Modern Accounting”.
So let’s try to understand how an accountant from the Renaissance period can be the reason for today’s technology. In 1494: Pacioli systematized ledgers, which is double entry bookkeeping. Our entire financial system in the modern world is based upon , and Pacioli’s ledgers are present everywhere in our modern society.
For example: If you send a 1000$ cheque to your friend, then he needs to deposit it in his bank account and through a series of entries in the , a 1000$ will be transferred from your account to your friends’ account.
On October 2008 a person came into the scene by the name Satoshi Nakamoto. He was the founder of , and nobody knows who Satoshi Nakamoto is, he is a pseudonym. But putting aside that who Satoshi is, what Satoshi did is nothing short of an economic revolution. The discovery of .
is just a that is not based on trust, it’s a trustless . is Satoshi’s , his is called a “block chain”. A cuts out trust with ( in simple terms mathematics) Using this you can send to your friend without trusting anyone, and the transaction gets cryptographically locked on this .
How Britain got impacted?
There was an attempt to create virtual currency in the 1990s. Britain had an opportunity to play a major role in the 1990s crypto boom, but they fizzled due to various causes, some of them were frauds, financial problems.
But as of now the arrival of in Britain has altered the way folks plan, advance and make use of their money. Many top listed business organizations in the UK have moved on to delve business action to facilitate them to inspect the unseen gems of and other major. In Britain, authorities have categorized and other virtual currencies as privately owned money. In Britain, are put through capital gain tax and VAT taking into account profits and losses. Also, authorities are now more bothered in balancing the use of cryptos to ensure viable development for their nation and public.
Published at Sat, 25 May 2019 11:59:20 +0000
