This phrase popped into my mind from nowhere: "Blockchain Cost Accounting". It simply emerged without calling. Blockchain is applicable to so many things. As a kid we thought it was funny to take book, movie or song titles and add; "between the sheets". Blockchain between the sheets? No so funny but the point is that putting Blockchain first and then adding some word to it from the broad domain of transactions that take place over a timeline and there is a phrase concept created worth of some application thought. Especially transactions involving value measured in terms of validation of truth related to time and event and the sub-category of those transactions that are subject to measurement or association with a monetary system medium of exchange.
Blockchain Cost Accounting. Think about that. It seems like a novel idea worth some thought. Somebody quicker and smarter than me, and those do exist in great number, must have thought about this simple idea. It is at the level of 2+2 = Wadda ya get?
Google search on the phrase: "Blockchain Cost Accounting" (in quotes, cuts out the ambiguity).
https://www.google.com/search?q=%22blockchain+cost+accounting%22&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:unofficial
No Results!
Another claim to fame and bragging rights to be the first to enter a simple meaningful phrase into the WWW that nobody has ever expressed in these exact words. Perhaps I should go on to grab another first since the root phrase does not exist and enter this into the WWW with this blog entry:
"Blockchain Cost Accounting For Dummies"
A twofer!
Without quotes there are many hits that dance around the idea of applying Blockchain to Cost Accounting.
https://www.google.com/search?q=%22blockchain+cost+accounting%22&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-US:unofficial#q=blockchain+cost+accounting
Using Blockchain to do Cost Accounting. No hit however uses the term most descriptive of the concept. It is like an explorer discovering an unknown island with a palm on it and calling it "Palm Island". There are few islands remaining to be discovered or mountains remaining to be named. In this abstract Information Age there are however many new new major abstract entities to be discovered and named.
Who has bragging rights to "Blockchain"?????
But I digress from a strict line of developing my thoughts on Blockchain Cost Accounting by taking time out of the Blockchain (or going down an unproductive or non-valid Blockchain called "Basking in Self Congratualtion" by reading the simplest expression writing on the wall that defines what others are writing about but giving no specific title describing it.
Cost Accounting
Cost Accounting is linked to financial matters but is primarily a management information tool. "Costs" are attributed to real and abstract entities but there is no direct medium of exchange payment related to these cost except that ultimately they sum up in the price of whatever may be sold for payment. Cost Accounting might be considered the geniuses of a thing over time until it is offered for sale. The offering price is the total of all "Costs" (plus profit, or profit might be considered a "cost" in the sense that it is due (in theory and hope) anticipated but not yet realized. That is a stretch but another way to look at profit that traditionally is a child of the Operating Statement. Doesn't the Balance Sheet market value of goods produced and held in inventory have an anticipated Profit component when/if sold at market price? Not going down that blockchain here but worth a thought in the grander BlockChain of things that have a timeline.
For example: United Airlines. Everybody is using United Airlines as an example and a whipping boy so why not me too?
The cost of a ticket includes a number of various fees and charges added on to the basic fare that buys a seat on an airplane to go somewhere.
Or not!
Then in addition to whatever the ticket buys there are additional charges, fees, taxes, etc. added. A law was introduced to prohibit charging for the use of a restroom on a flight. Not passed but fortunately not introduced by Ryan Air. Perhaps a bidding war for use? ...Joke?
What if all those additions to the base price of the ticket were blockchained to their actual cost in a "Blockchain Cost Accounting System"? Score one more! No Google hits on that phrase in quoates!
There have been cases where something as well defined in terms of associated cost like "taxes" added to a ticket or other thing for which a charge is made and attributed to mandatory associated tax payment were not in fact actual tax payments made.
https://www.ispot.tv/ad/Ahxr/t-mobile-one-lemonade-stand
Saw this yesterday. Maybe it elicited the thought of this blog entry? Cruise lines charge "port taxes" that in the small print are not added to the cruise fare but when time comes to pay for the ticket they certainly are. It is a well known industry scam to reduce the apparent price of the cruise. It is further a scam because the cruise line can choose any amount of "port tax" without substantiation. Some cruise lines have taken advantage of this scam by offering a price that is all inclusive and asking customers to compare to other lines with hidden (suspicious) fees. The ad model used by Verizon to influence customer decisions. Airlines are no different.
Perhaps Media stories should be Blockchained back to established truth in a "Blockchain Media Reporting Accounting System"
“There is presently confusion about whether the man on the United flight
was actually David Thanh Duc Dao, quite possibly another person
entirely to David Anh Duy Dao, the man with the criminal records.”
Another case for Blockchain Cost Accounting? $100,000 sounds a bit rounded to me but this rounded number is used to attribute real fines and penalties. Basic fine plus fees, charges, add ons, extras, priority booking fee, phone call, etc?
Something to consider: As the Information age moves into IoT there will be a tremendous increase in the interaction among devices on the IoT. Each interaction is a transaction, an exchange on a time line. That is what Blockchain is all about. IBM recognizes this and the role of Watson in AI, IoT and Blockchain. It is the AI of Watson that brings it all together.
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