HP: Blockchain Can Make IRS ‘Most Disrupted’ Entity of All

Adding to the already impressive list of big name proponents of Bitcoin’ technology, tech giant Hewlett-Packard (HP) in partnership with Quartz has published an article on the disruptive potential of the blockchain. According to HP, the innovation could greatly disrupt the work of banks, credit card companies, lawyers, and perhaps most of all: the IRS.

The article is published in the latest issue of HP Matter, a “digital magazine where the brightest minds in business share their perspectives on a technology-driven world,” and speaks highly of blockchain-tech.

In the piece, called “The Technology Behind Bitcoin Could Replace Lawyers, Too,” the nameless author explains how smart contracts could drastically reform the financial sector. Arguing, as has become fashionable lately, that Bitcoin’s real revolution is not the currency but the blockchain technology, the blog post describes how lines of self-executing code could replace lawyers, accountants, consultants, and bankers.

An excerpt reads:

“In Bitcoin, the contract is the transaction itself: one party sending another funds. But in commercial banking or investments, smart contracts could execute unknowably complex contingencies based on the terms of the contract, all in real-time, with total transparency to the agreeing parties.”

Blockchain’s “unbeatable” strength, the article continues, is

Read more ... source: Cointelegraph