Blockchain—Opportunities and challenges for accounting professionals

Abstract

Abstract Everybody is talking about blockchain, which is being positioned as the solution for all business ills. Blockchain is a revolutionary technology, but its power and efficacy are only as good as its application. Blockchain has the potential to transform or even eliminate some of the accounting functions that are currently taken for granted, but it also creates risks of its own that must be considered. The technology is still in its formative stage and is certain to undergo meaningful changes in the future. Entities using this technology will have to weigh its benefits, but also build safeguards to protect against its vulnerabilities.