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Is Blockchain technology the incoming bomb to the accounting sector?

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Is Blockchain technology the incoming bomb to the accounting sector?

Blockchain technology is transforming business processes around the world. The legitimacy of blockchain and cryptocurrency is no longer in question, over 80% of Fortune 100 companies are using blockchain technology and most recently Facebook announced they will release their own cryptocurrency, Libra.

Blockchain basics

Decentralised
Today, transactions are verified by a central authority—like a government or a credit card clearinghouse. Blockchain applications could replace these centralised systems with decentralised ones, where verification comes from the consensus of multiple users.

Secure
Blockchain is designed to store information in a way that makes it virtually impossible to add, remove or change data without being detected by other users.

Transparent
The identity of a user is concealed behind cryptography, however the holdings and transactions of each public address are open to viewing. Blockchain by nature is transparent and provides solutions to many legacy systems in need of this transparency.

What we already know about blockchain technology

 

    1. Blockchain technology is not going away
      82% of Fortune 100 companies are looking at using blockchain technology and at least 50 of the biggest names on the Forbes Global 2000 list of largest public companies have all made their own mark with the technology.fortune100-pie-chart-blockchainImage source: CryptoTapas 
    2. The finance sector is the fastest moving
      The finance sector is at the centre of the adoption. The industry is set to be transformed with cross-border payments, stock and debt issuance, trade finance, asset custody and more. In a recent report by Ernst & Young, listed were;- R3, a consortium of over 200 companies that has developed blockchain based international payments system
      – Ripple who uses a consensus ledger managed by a network of unpaid volunteer validators. This enables banks to settle international transactions within a few seconds
      – JP Morgan aims to roll out the first US bank-backed cryptocurrency to transform the payments businessThe Philippines have brought in mandatory blockchain education hours to be included in an finance degrees, one that us here at Blockchain Collective are proud to be facilitating throughout universities.
    3. There is a lack of skilled professionals
      There is a large need for blockchain professionals with employment opportunities rising 300% year on year. A recent research piece by Ernst & Young showed that companies are not prepared for emerging technologies.blockchain-job-growth
    4. Governments are not being left behind
      The following governments are exploring blockchain technology to strengthen governance; USA, Australia, Estonia, Sweden, Ukraine, Hong Kong, China, Singapore, India, UAE, Tunisia, Honduras, the UK.

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What blockchain technology means to YOU, your profession and your business

The reality is we are now at the point of – are you going to catch this early enough and take advantage of not only the technology for your business, but also the potential business growth by positioning yourself as an educated business in the area of blockchain and how these technologies are applied?

Whether you’re a single firm Accountant, or a large firm, we recommend taking the step to have a call with one of our blockchain education mentors who can best advise what course, or courses are applicable to you. Remember this education is applicable to CPD credits.

  1. Become the “go to” Accountant for blockchain related business
  2. Be able to answer questions and offer further service to your current client base
  3. Position yourself as an alternative firm that others can refer their clients to for blockchain business practice
  4. Don’t get left behind in business systems that can transform the industry

 

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Source:

82% of the Fortune 100 have explored Blockchain, here are the details!

Big Blockchain: The 50 Largest Public Companies Exploring Blockchain

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