Patrick Prinz: I see great opportunities in accounting and auditing with Bitcoin

The Bitcoin Masterclasses series has focused on unearthing practical use cases for Bitcoin in varying industries, from supply chain management to finance and air travel. Speaking to CoinGeek Backstage, Patrick Prinz singled out accounting and auditing as two sectors with massive potential for a Bitcoin transformation.

In the third installment of the Bitcoin Masterclasses in London, Dr. Craig Wright focused on nLocktime, why he included it in the original Bitcoin protocol, and its potential in today’s world.

“Most people wouldn’t link what Craig is sharing here to Bitcoin,” Prinz told CoinGeek Backstage reporter Becky Liggero on the sidelines of the workshop. Dr. Wright’s knowledge of how Bitcoin can impact every other sector is unmatched, added the managing partner at Monetix.

“We’ve had two full days here talking about accounting methods and processes, and how Bitcoin is extremely relevant to it. It unlocked a lot of ideas for unique business opportunities as well as existing industries that could immensely profit,” he said.

The Bitcoin Masterclasses have allowed Dr. Wright to share with the world some of the ideas and thoughts that culminated in the Bitcoin white paper. It allows his audience to “understand how the different concepts come together.”

From a financial and accounting background, Prinz says he sees immense opportunity in transforming how the industry reconciles and exchanges data. Integrating Bitcoin would allow participants to find truth and detect anomalies, he added.

On CBDCs and the widespread fear that they will be used as a surveillance tool, Prinz believes that deploying them on the blockchain is the solution. The existing digital payment systems offer little privacy and security as they rely on private companies and data silos, which can easily be hacked.

“People are not yet understanding the power of this technology and that privacy will ultimately be higher [with a blockchain-based CBDC] than with the existing systems,” he remarked.

Watch The Bitcoin Masterclasses #4 highlights: nLocktime & delayed transactions