Blockchain — do Accountants need to worry?
Hi Intrachain Community,
And welcome back to the second part of “The Future of Accounting proudly presented by Blockchain”. As we have explained in last week’s post, the blockchain technology has the potential to shapeshift the nature of today’s accounting. This is because it can provide a much more transparent and durable framework for accountants to track and measure assets.
But as it is with every innovation, there is often not only a bright side and the first thing people start worrying about is the possibility of loosing jobs. The million dollar question that one could ask in regard to this topic is “Should accountants be afraid?”. The answer is no.
The answer is no out of a simple reason: If the Blockchain Technology would be implemented in accounting processes, it could effectively allow records to be saved on an interoperable system which can be safely accessed by auditors. And since auditors are experts when it comes to record-keeping, they would be in charge of overseeing the implementation and maintaining of blockchain and other new technologies. This new field of responsibilities presents whole new opportunities for the industry, especially for accountants.
Concluding it is to say that whenever a new technology appears, the question about risks involved always is asked. However, very few of the past predictions turned out to be accurate. Blockchain might change the way of carrying out various tasks, but it certainly will not replace all of our jobs completely.
However it is to highlight that, the changes that this innovation brings along, requires accountants to thoroughly understand what blockchain is and what benefits this technology brings to us.
Next week’s blog will be a letter from our CEO Arne. Stay tuned to find out why he strongly believes in a decentralized world and how Intrachain will be the first step in achieving that goal.
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