"So do you have accounting controls?" "No we have the blockchain." "... So you're saying you have a computer program." "Yeah, at a certain level of abstraction." "But no accounting controls?" "No." "Yeah you're going to blow up." "Lol geezer." "No, seriously, this is what I do."
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For example: folks keep implementing M-of-N signatures, which is a very I Work With Computers understanding of separation of duties. The most famous failure of M-of-N signatures was at a cryptocurrency exchange which was 2 of 3 signatures and delegated one to a 3rd party.
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The 3rd party was instructed to autoapprove all signature requests because the request volume was uneconomical to involve a human in the loop. Computer scientists are shaking their heads now but accountants are saying "Actually we see that a lot; that's why we check for it."
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"Why doesn't virtually anyone in the industry just hire an adult?" One of the ways in which accountants, like many professionals, are disciplined is that they require a license and that license is on the line with signing off on certain decisions.
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You have to assume that the calculus for every lawyer and accountant within 10 miles of e.g. an ICO has to include "Hmm I think I have an N% chance of this engagement ending my career so is the expected value of it at least 1 / N% times the net present value of my career."
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I agree that the second part is true, but I think that if I polled e.g. 100 people who graduated from my university and asked each to list the top 20 inventions ever I would have literally no one say either double-entry bookkeeping or accounting controls generally.
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Anecdotally, I know of several people in my peer group who believe this. Most have MBAs and gained that belief in their MBA program, a few have history/poli sci degrees heavily focused on the history of institutions.
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The part about downstream accounting controls and not needing to solve everything with software was one of many reasons I liked "The Phoenix Project" :)
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Amazon's revenue just increased by $9.99; thanks for the pointer.
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I have the worst feeling these systems are generally badly understood by those in Tech, incl. those at FinTech com's.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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