How can blockchain shake up the accounting industry?

[CyberMiles]

Accounting is one of the high-in-demand jobs in business. It is also one of the industries that is expected to change the most as the result of blockchain adoption. What can blockchain do for accounting?

When talking about the issues that the blockchain technology can address, experts seem to be unanimous that the new technology can dramatically reduce accounting costs as well as making the industry more transparent. Dr. Michael Yuan, a long-time technologist and the chief scientist at CyberMiles, mentions many transformative ways to use the blockchain technology in the finance industry: from managing customer identity and data privately and safely, to storing important financial records in a decentralized network, to supporting a large library of smart contracts.

https://ihodl.com/analytics/2018-11-10/accounting-revolution-can-blockchain-shake-industry

[Renaldi blackspadeteam]

a lot of the benefits of blockchain to successfully shake the accounting industry,

and yeah that's right. the benefits of the blockchain are transparent, low cost and strong security, blockchain technology also can't be manipulated, and what I like the most, blockchain technology is simple and easy to use so many people are fond of blockchain technology.

[pedangrusak]

a lot of company activities that will be carried out by the blockchain indirectly do not require an accounting section and this will cut the company's costs for that. blockchain is a ledger that is more transparent and without manipulation and safer than mistakes and many more that blockchain can do beyond ordinary accounting activities

[thaliaand]

Certainly the blockchain will have a significant impact on the accounting industry. Literally, the blockchain itself means an open distributed digital ledger of economic transactions that can be programmed not only for financial transactions but almost everything is worth it. Meanwhile, transactions recorded on the blockchain will be transparent as well as inefficiencies and costs that can be reduced are advantages over conventional accounting.

[shinharu10282016]

Accounting is one of the high-in-demand jobs in business. It is also one of the industries that is expected to change the most as the result of blockchain adoption. What can blockchain do for accounting?

When talking about the issues that the blockchain technology can address, experts seem to be unanimous that the new technology can dramatically reduce accounting costs as well as making the industry more transparent. Dr. Michael Yuan, a long-time technologist and the chief scientist at CyberMiles, mentions many transformative ways to use the blockchain technology in the finance industry: from managing customer identity and data privately and safely, to storing important financial records in a decentralized network, to supporting a large library of smart contracts.

https://ihodl.com/analytics/2018-11-10/accounting-revolution-can-blockchain-shake-industry

I have a degree on this and I can certainly sure that it is one of the best ideas to have this especially in accounting in government agencies. An open ledger, anyone has power to use, and continue to use plus its decentralization and transparency in its transactions which clearly is being oppressed in most third world countries right now. But, it will be a lot hassle because we all know the effects of it is number 1 is that many people will lose their job.

[Findingnemo]

Accounting is one of the high-in-demand jobs in business. It is also one of the industries that is expected to change the most as the result of blockchain adoption. What can blockchain do for accounting?

When talking about the issues that the blockchain technology can address, experts seem to be unanimous that the new technology can dramatically reduce accounting costs as well as making the industry more transparent. Dr. Michael Yuan, a long-time technologist and the chief scientist at CyberMiles, mentions many transformative ways to use the blockchain technology in the finance industry: from managing customer identity and data privately and safely, to storing important financial records in a decentralized network, to supporting a large library of smart contracts.

https://ihodl.com/analytics/2018-11-10/accounting-revolution-can-blockchain-shake-industry

If it is implemented in accounting industry then there will be no frauds in tax paying and reduce the world load of accountants so this may save the expense of paying their employee but in other hand people may lose their job/But for now I don't think the technology will be implemented soon so lets just it be and see what happens in future.

[ATMD]

I like the idea, it will reform the accounting industry for the better. Bitcoin is already being taught in schools and colleges, so I am sure those in the field are ready.

[CarnagexD]

I like the idea, it will reform the accounting industry for the better. Bitcoin is already being taught in schools and colleges, so I am sure those in the field are ready.

  That a very interesting topic as posted. If the accounting firm, section by the company use the Blockchain system, it can help them to save a lot on the issue of individual account of the company. it is more easy accessiblity, more secured and would be a trends to future digital system. it will also reduce the issue on human intervention, economical for the firm while maintaining only limited personnel for the job.

[rickadone]

First of all the blockchain we are constantly talking about is the greatest database ever, if you can manage to create a database for accounting that is capable of calculating everything for you and keep that in a p2p storage without ever having a chance to get lost, that worth a lot.

As everyone knows that accounting is a huge business and there are a lot of billion dollar and more companies in the world of accounting and all of them have already built their amazing databases and software so it would be hard for blockchain to break into accounting.

Blockchain is a great choice for business' that are having trouble with software and blockchain provides a new better version but accounting is already working with great IT solutions hence it would be hard to replace something that is already working as intended, why fix something that is not broken.

[leavolnhals]

Blockchain is a money transfer tool and it will not have too much influence on accounting. Current reports are based on excel and microsoft word to solve and it is not related to blockchain technology. So I think it will not affect accounting.

[clrpod]

One of the best advantages of blockchain technology for accounting is its public and transparent nature. It's easy to follow the flow of money unlike with traditional accounting measures. It might not be the best thing for some more savvy/bent accountants but for honest people it's a blessing.

[setialovers]

Accounting is one of the high-in-demand jobs in business. It is also one of the industries that is expected to change the most as the result of blockchain adoption. What can blockchain do for accounting?

When talking about the issues that the blockchain technology can address, experts seem to be unanimous that the new technology can dramatically reduce accounting costs as well as making the industry more transparent. Dr. Michael Yuan, a long-time technologist and the chief scientist at CyberMiles, mentions many transformative ways to use the blockchain technology in the finance industry: from managing customer identity and data privately and safely, to storing important financial records in a decentralized network, to supporting a large library of smart contracts.

https://ihodl.com/analytics/2018-11-10/accounting-revolution-can-blockchain-shake-industry

In my opinion, blockchain is transparant distribution ledger and its hard to manipulate. Different with modern accounting system, blockchain more secure because the data more secure and more transparant

[ganlianshifu1]

Blockchain technology uses decentralized digital ledgers to provide immutable transaction records.
In the foreseeable future, accounting software and accounting firms must keep pace with market development and fully shift to the new accounting model under regional chain technology!

[dothebeats]

Accounting, logistics and recordkeeping would be the industries in which the blockchain would prove useful and viable. Seeing how it competes with the current fintech in terms of security and reliability, many companies would surely employ the said tech in their own firms. The decentralized, p2p ledger is the only blockchain we know to have top-notch security and integrity on its stored data. I couldn't speak much for private blockchains as we haven't seen a great working model of it yet and most of it would surely be private and hidden (lol).