Rethinking The Finance System With Blockchain
According to the current AAA president, Marc Rubin, there is a shift in the way of teaching accounts. The accounting professors focus more on the skills. This would last a student’s entire career or lifetime rather than focussing on the content. And this process includes the education of blockchain technology to the students.
Rubin further added saying, “Our students will make data-driven decisions to drive new business models.”
The work by AAA on the Distributed Ledger Technology (DLT) currently re-imagining the global finance industry is on a larger scale. Accountants create tools which capture the economics of the organization.
With blockchain technology, it would allow users to have clear and real-time data. And the data stored on the blockchain is immutable and has trust built into it.
In the blockchain world, accountants will rethink the way audits accomplishes, re-evaluate the verification of integral data.
This would widen the scope of traditional accounting information. Rubin concluded saying blockchain is still an emerging technology with time to mature, so speaking in respect to specifics of blockchain application in regard to accounting would be premature.
To address these issues, Emerging Issues Forum on blockchain technology hosts in September. Moreover, to benefit from this momentum AAA has planned a four-day intensive workshop for summer 2019.
However, AAA is not alone in its efforts to understand blockchain technology. Accounting Blockchain Coalition (ABC) came into existence earlier in 2018 for the same reasons. Apart from AAA and ABC, the Association of International Certified Professional Accountants (AICPA) offers a certificate program in blockchain fundamentals for over 600,000 members accounting and finance professionals.
Referring to his point above, Rubin concluded, “we need to keep our minds open and continually consider how these technologies will impact the accounting profession and the world at large.”
Moreover, you can check out some recent news here:
- DTCC Claims Blockchain Could Support Peak Trade Volumes Of US Equity Market
- Potentials of Blockchain Technology In Africa
You can have a look at our blockchain partners here.