## 8 Implementation and Discussion
### Discussion
To mitigate these risks, the BFS system model must implement robust security measures, such as secure communication protocols between the two blockchains, regular data audits to ensure consistency, and stringent access controls to prevent unauthorised access to sensitive data. The smart contracts governing the interaction between the two blockchains should undergo thorough security audits and testing to identify and rectify any potential vulnerabilities. The BFS system's design can also incorporate advanced cryptographic techniques, such as zero-knowledge proofs, to enhance the privacy and security of the dual-blockchain approach. The BFS system is envisioned and designed to facilitate both continuous and periodic reporting on the entity's economic activity, offering verifiable, on-demand validation of financial health based on historical transactional interactions. This technological approach to the BFS system prototype demonstrates its operational viability, addressing the need for verifiable yet privacy-preserving techniques in the secure sharing of sensitive financial information. This dual-framework approach highlights the BFS system's potential as a transformative tool in the realm of financial accounting and liquidity management, offering a blueprint for future innovations in the field. Block Data StructureThe BFS system's block data structure is designed to house diverse types of data based on comprehensive mandatory reporting requirements. The block data structure's versatility is showcased through the encapsulation of various data types, ranging from financial statements to incorporation documentation and more. This diversity ensures that the BFS system can serve as a singular, authoritative source for all financial and regulatory information pertaining to a business entity. The integration is not merely a technical achievement, but a strategic alignment with real-world financial reporting and compliance standards set by traditional financial reporting systems. The BFS System's Filing History BlockchainCentral to the BFS system is the filing history blockchain, a novel implementation that serves as a digital ledger for all mandatory reporting of an economic entity. The filing history blockchain illustrates the BFS system's capacity to digitise and store a wide array of financial and operational data, thus providing a reliable foundation for transparent and verifiable record-keeping. By mirroring the organisational structure and data categories of Companies House's reporting standards, the BFS system ensures its utility and relevance in real-world financial ecosystems. This ensures the following:  
* **Immutable and Verifiable Data**: The core of the BFS system's design philosophy is the guarantee of data immutability and verifiability. By leveraging blockchain technology, the BFS system ensures that once a transaction is recorded within the block data structure or the filing history blockchain, it cannot be altered or deleted. This immutability, paired with the system's inherent ability to verify the authenticity and accuracy of the recorded data, provides stakeholders with a reliable foundation for trust in the financial statements and reports generated by the BFS system. Wallets and Role-Based AccessThe exploration of wallet implementations within the BFS system offers a nuanced view of how digital identities and transactional capabilities are managed and optimised in a blockchain-enabled BFS ecosystem. This strategic approach to wallet design and functionality underscores the BFS system's commitment to fostering a secure, efficient, and user-centric environment for financial transactions and interactions. UTXO and Consensus MechanismsIn the BFS framework, UTXO and funds verification consensus mechanisms are innovatively tailored to fit the nuanced requirements of financial reporting and liquidity management, diverging from their conventional roles in traditional cryptocurrency transactions.