How will Blockchain transform the Accounting industry or the world?

[leonlct]

KPMG, Pwc, EY, Deloitte, these accounting are facing a problem with Blockchain.

With blockchain technology, book-keeping job can be done without any human error.

Although accountants are capable more than of simply book-keeping, the concern about the future with the industry is raised.

As we know, we can trace a coin thru Blockchain.

Does that mean it is possible to make a (approx.) real-time balance sheet with some programming?

Does that mean we can monitor our government fully financially?


With Blockchain, what do you think of the future?

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[Future3000]

In the future those companies will also change their approach I think, because yes, as we know blockchain has no mistake as people can do a mistake, but anyway we will need analyses forecasts. Also blockchain is not yet implemented and till it will be, we have a long time gap.

[pebwindkraft]

maybe the picture of the business model of these large companies is not correct.

These audit firms basically proof, that your company's bookkeeping is "ok". That is a governmental requirement - need to have an independent verification of your records... I remember that the amount to pay for such statements vary in the range between 30.000 for fairly small companies up to several 100.000s and more.

Also, these large public accountants or auditing firms have a pool of headcounts (consultants), that they rent out to the market. Pay rates easily achieve 800 Euro/day, and go all the way up to things like 3500/day.

And all to often the clients order KPMG/Deloitte/PWC/EY to proof/verify their books, and at the same time place an order for the temporary hiring of headcounts from these companies.
I wonder how this can be an independent statement in the sense of a 4 eyes principle.  Today we know, that the figures of Greece have been "formed" in a way by Goldman Sachs and accounting firms, so that Greece can make it into the Euro zone.
Maybe today there is a rule, that you cannot hire for the next 10 years headcounts from such company, when they verify your books.

But probably the world is a much better place than I  am thinking here   

So their business model will change a bit, when blockchains will be used to keep track of your record, but that does not change the business with consultants, they can proof than something different :-)

[Shikaina]

KPMG, Pwc, EY, Deloitte, these accounting are facing a problem with Blockchain.

With blockchain technology, book-keeping job can be done without any human error.

Although accountants are capable more than of simply book-keeping, the concern about the future with the industry is raised.

As we know, we can trace a coin thru Blockchain.

Does that mean it is possible to make a (approx.) real-time balance sheet with some programming?

Does that mean we can monitor our government fully financially?


With Blockchain, what do you think of the future?

Lol! With cryptocurrency being recognized and used by the government as currency i think will be advantageous. Because if with blockchain financial status, incoming and outcoming of finances will be visible to the public, then the chances if corruption will not be easy for government officials. I just think but im not sure because theives are wise enough. 

[HeRetiK]

If every financial transaction were to be made over a public, shared blockchain, using labeled addresses (eg. this address belongs to the ministry of defense, this one contains Apple's R&D budget...) complete transparency, auditability and consequently automation of most aspects of book keeping could very well be imaginable.

However given our current understanding of blockchains such an approach would be technologically unfeasible. The amount of transactional data created by all private persons, corporations and governments combined is pretty much unfathomable. VISA level transaction throughput is already pretty much impossible to do on-chain. And VISA only handles a fraction of global payments and remittance.

[Kakmakr]

For one thing, book keeping should be much easier with the Blockchain. You have all transactions being done, stored on a immutable decentralized database, which can be audited "off-site" because it is totally transparent. Applications targeting "Block chain" auditing, where information is extracted from the Blockchain and prepared for these auditors, will simplify this process.

Governments can also be transformed into more transparent entities, where financial records and tenders are made public for scrutiny. ^smile^

[audaciousbeing]

KPMG, Pwc, EY, Deloitte, these accounting are facing a problem with Blockchain.

With blockchain technology, book-keeping job can be done without any human error.

Although accountants are capable more than of simply book-keeping, the concern about the future with the industry is raised.

As we know, we can trace a coin thru Blockchain.

Does that mean it is possible to make a (approx.) real-time balance sheet with some programming?

Does that mean we can monitor our government fully financially?


With Blockchain, what do you think of the future?

At this time, the achieving of this objective of integrating blockchain with accounting process might look glooming but its possible in the nearest future. I have read reports of EY doing more on blockchain researches, and I have read all of those other three firms made mention of blockchain one way or the other. But at the moment, discussion is not geared towards applying into accounting function rather into their consulting unit on advising companies whose primary purpose is transparency. When the process is faultless the accounting process becomes so simple.

Area of deployment at hand is into organisations into shipping, airlines, large warehouse management etc. But in the future when this is fully deployed into the accounting aspect of their activities, real time balance sheet will be the least of what will happen eventually.

[leonlct]

As far as I know, blockchain is a distributed database.

I know that the data of transactions can be unfathomable. However, the concept of the Moore's Law comes in use where in the future large-storage device can be affordable.

And I particularly mentioned about the real-time balance sheet is because there are many corrupted nations who put little resources for their people. If such thing as real-time accounting can be implemented, we may no longer have issue with corrupted government officials, etc.

Rather, we can focus on how resources can be utilized in the best way possible.

[Averim]

KPMG, Pwc, EY, Deloitte, these accounting are facing a problem with Blockchain.

With blockchain technology, book-keeping job can be done without any human error.

Although accountants are capable more than of simply book-keeping, the concern about the future with the industry is raised.

As we know, we can trace a coin thru Blockchain.

Does that mean it is possible to make a (approx.) real-time balance sheet with some programming?

Does that mean we can monitor our government fully financially?


With Blockchain, what do you think of the future?

I think that this industry won't wanish because no mather how evolved could the technology be there is need for human in the process.

[darkangel11]

I think that this industry won't wanish because no mather how evolved could the technology be there is need for human in the process.

Sure, a human who will press the reset button if needed and help to move the server racks in and out of the room
Today's automation doesn't require human help once everything is set. AI can control everything from security, through fire suppression systems, up to making sure the humidity isn't too high. The only thing a human has to do is making sure the right cable is in the right socket.