Blockchain — hype or reality?

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Jul 05, 2017

On July 5, 2017, Accounting Today published an article by L. Gary Boomer, where he discusses how CPAs have a great opportunity to lead with this technology, rather than following it.

Mr. Boomer explains that during the past year, we have seen numerous blockchain pilots in several industries, governmental applications, and, more important, the convergence of multiple technologies increasing the capability and importance of blockchain to the accounting profession.

Therefore, accountants must change their mindsets, skill sets and toolsets to remain future-ready and the accounting profession should not ignore the investments being made in these technologies and the potential disruption to all professions.

Some of the uncertainties the blockchain has the potential to eliminate are:

  • Identity (proof, security and privacy);
  • Transparency (asset tracking);
  • Shared reality (nodes monitor tampering); and,
  • Renege (smart contract as an escrow agent).

Review the article on the Accounting today's website.

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