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The Possible Implications of a Blockchain Consortium

A blockchain consortium has the potential to change the way accounting is done forever. Although a lot of it is already being discussed and collaborated on, the application of a blockchain consortium may still be a few years out. It will likely impact the future of accounting, which is so many accountants and business professionals have begun to study and prepare for its growth.

Disruptions for the Better

A blockchain consortium has the potential to make disruptive technology much more manageable and effective, meaning a great potential for new revenue and much more operative efficiency. With a competent blockchain consortium, the redundant tasks that the business professional faces can be streamlined and made much more productive.

With a possible blockchain consortium, the accounting industry would catch up with the rest of the business world and modernize—even revolutionize—the way its firms operate. The consortium would make firms more efficient, help them save on costs, and change the industry in ways we likely can’t even imagine yet.

Improved Efficiency

One of the main reasons the accounting industry does not lead the pack in effective application of technology is that it relies extensively on trust, as well as checks and balances. This ensures that all completed work is reliably honest. To achieve the same results with technology can, at times, be quite difficult. The numerous amounts of regulations that are set in place may very well be changed in the event of a blockchain consortium. However, there are plenty of benefits to be had in the use of blockchain in accounting.

Audits, as they stand today in accounting, are an exceptionally laborious and time-consuming task that leave much room for improvement. When every document and number is meticulously poured over, and then double checked for accuracy, much time and money is absorbed. With the effective application of a blockchain, considerable amounts of data can be processed and securely stored. With such reliable and advanced security measures and timesaving applications, the integrity of accounting is preserved, and avenues for improved operation and increased revenue generation can be pursued.

To learn more about accounting trends and what the future may hold for tomorrow’s accountants, visit Maryville University online.

References:

https://www.citibank.com/tts/corporations/online_academy/docs/blockchain.pdf

https://cointelegraph.com/news/the-big-four-to-establish-their-own-blockchain-consortium

http://bostinno.streetwise.co/2016/10/03/enterprise-blockchain-adoption-predictions/