Blockchain and the future of accounting
Nathana O’Brien Sharma, program director, blockchain, policy, law and ethics at Singularity University in California, says that blockchain technology will ultimately transform accounting in the same way as Excel or QuickBooks. Blockchain provides methods of recording cash flow and reconciling accounts into a single register, which then creates an interlocking system of records that it automatically verifies, viewable by all users. “It’s a new tool that will change the role, but not make it obsolete. Those accountants who can embrace new technology, artificial intelligence and the blockchain will be well ahead of the game.” Ms O’Brien Sharma also said that blockchain could well have raised red flags to some of the more egregious aspects of the global financial crisis.