Bitcoin Questions May Lead to Blockchain Financial Reporting Answers

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Sep 17, 2017

On September 17, 2017, Financial Executives International (FEI) released an article that discusses how recent statements have thrown into question bitcoin trading and ecosystems, but despite the negative press, accounting and financial reporting professionals are pressing ahead with exploring incorporating its underlying blockchain technology within financial statements.

FEI is working with Deloitte to understand the impact of this disruptive technology for senior-level financial executives.

At its core, blockchain technology allows for the creation of a “distributed ledger” that records transactions between parties with transparency using a secure system that immediately verifies data permanently. While bitcoin is the most common form of transaction this is currently employing blockchain, the technology is agnostic to that data that can be recorded. That means everything from customer orders to fleet costs can be incorporated into a financial system using distributed ledger technology.
The primary benefit of blockchain on the financial statement can be summed up in one term: real time.

Review the article on the FEI's website.

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