Maintaining the transparency of financial information has been a conundrum since the financial scandals that shook the world economy in the early 2000s. Blockchain has the potential to change this. It is a distributed ledger technology that makes every transaction taking place in the blockchain visible. As a result, transactions are automated with fewer errors, and can not be tampered with.
Most finance giants have been investing heavily to implement blockchain into their infrastructure. At the same time, they have been creating and rolling out new products powered by blockchain technology.
Auditors will be expected to have a know-how of blockchain because from 2021. It will increase employment for accountants because it will heighten their role as consultants. Helping clients navigate implementation and regulatory concerns with blockchain technology will be one of their new roles. Other new duties for accountants will include, auditing smart contracts and oracles, arbitrating to settle disputes, serving as auditors for blockchains used by consortium companies, and finally serving as administrators in blockchains to allow or deny access.
Though there is widespread skepticism across governments the implementation of blockchain particularly cryptocurrency shows that accountants must understand blockchain. Particularly because new regulatory issues will arise in the future.
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