Blockchain technology is a natural fit for the accounting industry because it offers opportunities to streamline processes and ensure records are accurate and truthful.
Auditors have always relied on a paper trail to review the books and meet regulatory requirements. Blockchain is changing that, allowing a transparent, incorruptible record of all data while reducing errors and fraud. With this technology, accountants will be able to offer their employers and clients safety and security of their records.
Although it will change, the accountant’s role will not face elimination. Accountants who embrace blockchain and learn to understand and not fear it will be able to reap its benefits.