K
Kathleen Martin
Guest
One question these professions should be asking is: Which technology will create the most impactful transformation — artificial intelligence (AI), robotic process automation (RPA), cloud use, or blockchain?
Cloud and RPA have the ability to solve many process and capacity challenges, and that explains the tremendous adoption growth we have seen over the past year and a half. AI is appearing in more operating systems and software solutions that are used by the tax & accounting profession. And AI promises to augment the deep knowledge and analysis that is expected from industry professionals.
However, that often means that the impact of blockchain is being underestimated by many in accounting. Although many are aware of the term blockchain, many people are still quite uncertain what it means fully, which makes it more difficult to imagine the transformation it can and is driving. To be future-ready is to be aware, adaptive, and predictive.
Indeed, there are predictions that blockchain will be the new operating system at some point in the future — are you aware and adapting to these changes?
Being aware
In short, blockchain is a decentralized, secure, distributed ledger; and the name comes from the way the data is structured in blocks. As data is added to the blockchain it is verified by everyone in the chain. Blockchains can be public, such as with Bitcoin, or private. The use cases are continuing to emerge as blockchain creates greater transparency and allows for more verification of both sides of a transaction.
Worldwide spending by organizations on blockchain solutions has grown to more than $6.6 billion in 2021, and is expected to reach almost $19 billion by the end of 2024. The total crypto market capitalization has reached $1.88 trillion, as of August 2021.
As banks around the world invest in blockchain technology, the largest use case has become cross-border payments and settlements.
Continue reading: https://www.reuters.com/legal/transactional/tax-accounting-firms-time-learn-blockchain-is-now-2021-08-20/
Cloud and RPA have the ability to solve many process and capacity challenges, and that explains the tremendous adoption growth we have seen over the past year and a half. AI is appearing in more operating systems and software solutions that are used by the tax & accounting profession. And AI promises to augment the deep knowledge and analysis that is expected from industry professionals.
However, that often means that the impact of blockchain is being underestimated by many in accounting. Although many are aware of the term blockchain, many people are still quite uncertain what it means fully, which makes it more difficult to imagine the transformation it can and is driving. To be future-ready is to be aware, adaptive, and predictive.
Indeed, there are predictions that blockchain will be the new operating system at some point in the future — are you aware and adapting to these changes?
Being aware
In short, blockchain is a decentralized, secure, distributed ledger; and the name comes from the way the data is structured in blocks. As data is added to the blockchain it is verified by everyone in the chain. Blockchains can be public, such as with Bitcoin, or private. The use cases are continuing to emerge as blockchain creates greater transparency and allows for more verification of both sides of a transaction.
Worldwide spending by organizations on blockchain solutions has grown to more than $6.6 billion in 2021, and is expected to reach almost $19 billion by the end of 2024. The total crypto market capitalization has reached $1.88 trillion, as of August 2021.
As banks around the world invest in blockchain technology, the largest use case has become cross-border payments and settlements.
Continue reading: https://www.reuters.com/legal/transactional/tax-accounting-firms-time-learn-blockchain-is-now-2021-08-20/
