Blockchain and the Accountant — Thomson Reuters Tax & Accounting — ANZ

What is Blockchain?

A blockchain is a distributed, decentralised ledger that lets information be viewed but not copied or altered. There is no central version of the blockchain: it lives across a network of computers. The greatest benefit is security, as Ben relates,

So what does this mean for tax and accounting industry?

Blockchain is already being utilised by the legal industry, in the form of “smart contracts.” The banking sector is also adopting it, with Singapore Central Bank using the technology in its payment transfer project, and other banks in the US and Japan are also exploring its potential.

Where to next?

Rather than technology alone shaping the industry’s future, we have an opportunity to shape it by getting involved in the discussion, as Ben says,

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