Blockchain in Accounting and Auditing
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Everyone with the right to join Blockchain can view the same information in real-time. You can see who added data to each block and when this was done. These blocks cannot be deleted or changed. All Blockchain users own and are responsible for maintaining the blockchain, instead of having only one person controlling it.
In a secure Blockchain, Blockchain users decide who can join these ledgers and access levels. Some information can be encrypted to protect commercial security. A company can have a Blockchain with its suppliers, customers, banks, and tax authorities.
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One thing that may be less known is that Blockchain technology has a great influence on the Accounting and Auditing industry and is a technology trend that experts in Finance – Accounting – Testing Math cannot be underestimated in the development-like context of the 4.0 Technology Revolution. Specifically:
Firstly, Blockchain application can help keep accounting information confidential. Blockchain is designed to resist data change. Information in Blockchain cannot be changed and only added with the consent of all nodes in the system. Even if part of the Blockchain system collapses, other computers and nodes will continue to work to protect information. By creating a unique ledger on a computer network; Their companies, customers, banks and tax authorities take notes and share information. When any of them add information, the ledger will automatically verify and adjust the data. Each party involved does not need to maintain their ledger, so accountants will not have to perform all transaction processing and adjustment. Blockchains create a real- time traceability record, so if Blockchain technology is widely adopted, the role of auditors in verifying transactions performed in Blockchain will no longer be necessary.
