Whether you’re aware of it or not, blockchain is revolutionizing and disrupting industries across the board, and the accounting profession is no exception. There are several promising benefits of blockchain in accounting, but exactly what is it and should you be embracing this new technology?
What is Blockchain?
Although blockchain technology has been associated primarily with cryptocurrencies, there are other applications where it can be used. According to Brad Bulent Yasar, a cryptocurrency expert:
"A blockchain is a continuously growing list of records, called blocks, which are linked to each other and secured using cryptography. Each block typically contains a hash as an identifying link to a previous block, a timestamp, and transactional data. Blockchains are inherently resistant to modification of the past data and can serve as an open, distributed ledger that can record transactions between two parties efficiently, verifiably and permanently."