REVOLUTIONIZE TRADITIONAL PROCEDURES
Blockchain technology does not completely subvert the traditional system, but speeds up the optimization of traditional systems. For enterprises, we can strengthen the decentralized, secure and credible data environment by taking away some of the traditional system functions and replace them with Blockchain related interfaces. We can also reengineer business processes for internal risk control. As a new technology, the relationship between the Blockchain and other emerging technologies is mutually reinforcing. Cloud computing and artificial intelligence will be enhanced and receive several benefits based on the Blockchain data.
BUILDING A CREDIT MECHANISM
Blockchain can reduce the risk of mistrust between companies. Building a credit mechanism through the Blockchain, small and medium businesses will reap huge benefits, as most of them cannot afford a regular audit and therefore have difficulty attracting investors. Delivering reliable, accurate and credible financial services to millions of small and medium size businesses will enable them to do what would otherwise be possible only for large enterprises.
REFORM THE ACCOUNTING INDUSTRY
Auto reconciliation of debtors and creditors will happen in the future. The traditional industry accounts receivable and account payable still cost a lot of manpower and resources. With accounts payable and accounts receivable recorded in the Blockchain, the use of smart contracts can be an unmanned operation.
The existing business of accounting firms is still mainly based on auditing. The development of Blockchain technology will force business firms to increase business management and tax consultancy, and further explore non-traditional services.
Internal control would be stronger. The decentralization of Blockchain technology and the universal bookkeeping function can greatly reduce the company’s need for internal accounting auditing and checking books. At the same time, internal auditors can devote a great deal of energy into the auditing of operation and management and internal control, so as to reduce the cost of the company and at the same time further enhance the operational efficiency of the company.
MORE EFFICIENT SOCIAL RESOURCES COLLABORATION
Blockchain systems reduce the regulatory costs of government and society. A transparent distributed ledger will see most of the information authenticity verification transferred to social supervision, greatly reducing the workload of the regulatory authorities and improving regulatory convenience.
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