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Blockchain—Opportunities and challenges for accounting professionals
Author(s) -
Sinha Soma
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.22430
Subject(s) - blockchain , formative assessment , accounting , business , order (exchange) , risk analysis (engineering) , computer security , computer science , finance , sociology , pedagogy
Everybody is talking about blockchain, which is being positioned as the solution for all business ills. Blockchain is a revolutionary technology, but its power and efficacy are only as good as its application. Blockchain has the potential to transform or even eliminate some of the accounting functions that are currently taken for granted, but it also creates risks of its own that must be considered. The technology is still in its formative stage and is certain to undergo meaningful changes in the future. Entities using this technology will have to weigh its benefits, but also build safeguards to protect against its vulnerabilities.