Scrolling through this brief and meaningful infographic, provided by our fellows from Maryville University, we can get a glance of the immense and still unexploited potential of blockchain technology in Traditional Business contexts. One for all, Accounting.
Indeed the blockchain creates a decentralized ledger of all transactions where all records are updates and accessible to everyone in real-time.
And as everyone can perceive, this is a paradigm shift when it comes to subject like accounting.
This technology completely changes how monetary transaction are made, logged and given accessibility to. So its value for the Future of accounting is absolutely undeniable.
Some of the greatest possibilities which the blockchain empowers are:
1 smart contracting
2 consolidated bookkeeping
3 standardization in auditing
4 Security and Trust
5 Less Paperwork for accountant
Today, blockchain technologies outside of cryptocurrency and digitalized accounting systems are still in their infancy. And the best course of action for a smart professional is to brace for disruption and stay ahed of digital trends.
We are all witnesses in this era of revolution. But witnessing is not what counts.
Infographic from Maryville University Online Bachelor of Accounting Program
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