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Based on the distributed ledger technology, blockchain is basically a temper proof asset database ledger that is shared amongst all importers, exporters and all financial institutions involved in a global supply chain transaction.
The problem of data privacy among parties is solved by cryptography and the utilization of tokens that allows information to be accessed only by those parties that have permission. The possibility of self-executing contracts also known as smart contracts can potentially revolutionize the Letter of Credit.
Apart from pointing out the immediate benefits of blockchain such as reducing the time consuming and costly reliance on manual processing of information and documentation involved in any transaction, this article also summarizes in one paragraph a hilariously brief history of bookkeeping dating back to 8,500 BC in the Neolithic Middle East.
Read the full article  here.
On the surface it does not appear that it does! The attack reached 30 of the US largest companies. Basically the Chinese hacked a manufacturer of very expensive servers motherboards that large companies who handle video compression bought and installed in their networks.
While the small rogue Chinese chips allowed attackers to create doorways into any network that included the altered server machines their target was access to high-value corporate secrets and sensitive government networks - not customer data.
The ramifications of the attack are likely that companies will begin shifting their hardware supply chain back to the US.
Read the full article  here.
Accounting Resources
Is your business located in a HubZone? The federal Government awards at least 3% of all federal contracting dollars to HubZone certified small businesses each year.
Find out if you can get government contracts preferential consideration by checking out this map put together by the SBA:
Here is the  map.
The confusing dual status of both employee and independent contractor of bookkeepers and accountants as explained in painstaking detail by the Social Security Administration.
Get all the legal details  here.
Very thorough 110 pages PDF put out by - to primarily help Tribal Nations provide accurate financial information so as to secure federal awards.
Very useful for any non-accountant business person trying to grasp accounting fundamentals concepts.
View / download the  PDF here.
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