TransformingIT Audit

IT Audit is at a crossroads with automation and new technologies initiating many changes in the profession. This website provides technical and career inspiring information to help you navigate these changes.

Blockchain Explained and Implications for Accountancy

Blockchain technology underlies cryptocurrencies such as Bitcoin and Ethereum and is capable of storing data that has notably useful characteristics, especially for accounting data. Blockchain technology has been described as a highly secure version of a Google document that can be shared with many, but changes are secure.

A large amount of attention and capital currently is being allocated toward virtually anything related to blockchain technology. It is important to examine blockchain first by getting a better understanding of the technology and then examining the accounting and auditing implications.

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