The challenges to blockchain adoption in accounting
Disruptor Daily talks to a range of experts on how the adoption of blockchain is changing the accounting industry and what the technology means for the future. A lack of expertise is noted by several commentators and confidence in blockchain is also an issue – both in terms of whether it will “reliably match the output of current audit services” but also regarding regulatory requirements, with blockchain technology and cryptocurrency lacking the clarity of regulation the accounting and finance industries rely on. Erich Braun at KPMG says companies should consider developing guidelines and controls while they are building a blockchain process, as this will provide a better structure and framework for the technology.
When adoption increases, return on investment will improve and the benefits will be less ambiguous, says Daniel Smith at TheoryLane.
Steve Briginshaw, CEO of Clarity Project, highlights the conventional nature of the accountancy profession, noting a 2017 report from the Financial Reporting Council which said 60% of accountants were over 35. He wonders whether resistance to innovation stems from an excess of change of late – auto-enrolment, FRS 102, and Maxing Tax Digital – making it “tedious and hard to keep up.”