Gary Cohn, former Goldman Sachs deputy & Trump economic advisor, had some notable comments this week on tech. He said: “Part of the integrity of a system is knowing who owns it and knowing who has it and knowing why it’s being transferred. The bitcoin system today has no transparency to it. So, there are a lot of people that question, why would you need a system that does not have an audit trail.”
Leave aside BTC for one moment. Let’s examine the 2nd part of the statement with respect to an “audit trail”. In this regard, we couldn’t agree more.
Inveniam software credentials data on private market assets such as commercial real estate, private equity & municipal bonds. We use an audit trail to verify any changes on, say, building leases, foot traffic, or tax abatements. Any time there are any changes to the performance of an underlying asset, the audit trail must pick up those alterations so auditors, bankers, and compliance officers – or anyone else the asset owner deems necessary – can fully understand what’s happening with the realization of the asset. Blockchain technology will revolution finance and its ability to create trust among various actors with competing interests is at the heart of its value prop. A unique audit trail is part of the secret sauce. #blockchain