Will It Cause Disruption To The Accounting Profession?
While the Internet revolutionised the way information is exchanged, blockchain is transforming the way we exchange value. Traditional audit and assurance services will remain essential but blockchain business applications and new accounting technology will have a significant impact on the way auditors execute engagements
BUILDING BLOCKS OF A BLOCKCHAIN
- A blockchain is a growing list of records, called blocks that are linked using cryptography. It works by incentivizing parties to agree on any given transaction’s authenticity. Transactions are organized and grouped together into “blocks” that are presented to the blockchain for authentication
- The creation of these blocks is called “mining,” and miners are incentivized by a reward of native tokens. Once a block obtains enough confirmations, the transaction is considered to be validated and is placed on the blockchain as the next sequential block Readmore