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Blockchain adoption is inevitable—Barriers and risks remain
Author(s) -
Prewett Kyleen W.,
Prescott Gregory L.,
Phillips Kirk
Publication year - 2020
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.22415
Subject(s) - blockchain , business , transformative learning , business model , business risks , risk analysis (engineering) , accounting , marketing , computer security , computer science , sociology , pedagogy
Blockchain technology possesses a vast potential to transform traditional business models. Savvy business executives are already exploring how blockchain might impact their industries and their competitive positions within those industries. Yet, there are significant barriers and risks associated with blockchain technology. In this article, we highlight some of the major obstacles and risks associated with this transformative technology. The topics discussed here are neither definitive nor comprehensive; however, they provide accounting and finance professionals with a timely introduction to the barriers and perils related to blockchain technology. Although blockchain adoption is inevitable for business enterprises, careful consideration of the risks and challenges before, during, and after blockchain implementation will help ensure long‐term success.