For students pursuing a Bachelor of Science in Accounting, keeping a finger on the pulse of the industry is key to future success. One important factor driving change in the accounting industry is technology, from cloud computing to automated accounting, blockchain and more. Blockchain is specifically poised to create enormous change in the accounting industry.
What is Blockchain?
A blockchain is a public ledger that is transparent, constantly updated, and nearly impossible to alter via unauthorized means. It is decentralized, aggregating and authenticating every transaction from anywhere in the world.
Why Blockchain Matters
Blockchain has the potential to make disruptive technologies more effective, and accounting processes more effective and streamlined. Blockchain can save banks 30% on infrastructure costs; that’s why, by 2024, the estimated worth of the global blockchain technology market is $20 billion.
The Impact of Blockchain
Blockchain changes the way that monetary transactions are made and logged by creating a decentralized ledger of all transactions. All records are updated and accessible to everyone in real time, which has serious implications for accounting because it allows for:
- Smart Contracts
- Consolidated Bookkeeping
- Standardization in Auditing
- Security and Trust
- Less Paperwork for Accountants
As you work toward your accounting online degree, make sure you understand this significant, cutting-edge technology as you enter the workforce. See important details in the infographic below: