Cognition-> Public Block Chain Ledger for Accounting, SMSF, and Portfolio processing.

Bitcoin is probably the most well known public block chain implementation.
In the first Quarter of 2015, we introduced the first secure, private Block Chain Ledger, as part of the Cognition Cloud Accounting Engine solution.

This private Ledger Block Chain differed from the bitcoin implementation in several ways:

• The clock chain is a secure by mature, hardware based cryptography, capable of third party ITSEC evaluation
• The block chain is fully distributed (bitcoin is a centalised block chain), and bound to a single ledger
• The Cognition block chain, due to its decentralized architecture, can scale to billions of transactions without any performance derogation, or massive size.

Within the commercial world, not all ledgers, need or want to be public, the dual threaded distributed block chains allows a commercial decision to be made regarding exposure to the public block chain.
As an example a Broker may only expose trade related transactions, which keeping internal settlement private, this allows full disclosure of all trading which may be the objective of the public  block chain.

Like wise there is a commercial need to support a bitcoin like "public" block chain for a number of FinTech applications. In order to meet these requirement, we plan a 3rd Qtr release of a Public Block Chain ledger as follows:

• Be a bitcoin like block chain ledger
• Map any private block chain Ledger, into a bitcoin like seamless public block chain.
• Map secure private block chain ledger onto the ECDSA bitcoin implementation
• Support ephemeral ECDSA private key in public block chain, to reduce bitcoin like vulerabilities
• Map the private block chain Ledger onto a number of ECDSA related BIPS, including support for bitcoin like address, multiple public keys,  derived public key from signatures. 
• There is no need for any mining, consensus or linkage to money printing, this is a commercial Ledger.
• A DNS like global Block Chain, ledger navigation.
• All access via a secure REST/JASON API.
• Platform and OS agnostic.
• Explict permission required to publish as a "Public Block Chain"

The duel thread, private/public block chain ledger is designed to allow a wide range of commercial application to be supported by Public Bock Chain Ledgers (PBCL).

We plain on releasing the specifications for the decentralized Public Block Chain Ledger (PBCL) into the public domain, on or around the first release.

 The Public Block Chain Ledger is derived from a full featured, commercial Cognition Cloud Accounting Engine, and provides full featured reporting and compliance processing, with integrated Accountant back office Virtual CFO support.

Initial Block Chain support is proposed for the following:

• Self Managed Superannuation Funds (SMSF)
• Broker Portfolio Solution (BPS)
• General purpose Cognition Accounting.

The next generation FinTech accounting Bock Chain Ledger engine is available today to any VAR, and as a Public Block Chain Ledger from 3rd Quarter 2015..

Contact VillageMall for details or to be involved in the early trials.

Disclaimer The contents of this site should not be understood to be accounting, taxation or investment advice but rather as general product related educational information that may or may not meet your specific requirements.