To Stay Relevant, Auditors Need to Embrace Blockchain
Advances in blockchain technology offer incredible opportunities for innovation by streamlining digital transactions. Recent tech media coverage promises revolutionary developments for many industries, changing the way commerce is transacted and records are kept. But what is at the heart of this technological development? What is blockchain? How is it applicable to so many different uses and industries?
A blockchain is a distributed, protected journaling and ledger system that is validated through consensus. Use of blockchain technologies can enable anything from digital currency (e.g. Bitcoin) to other transactions. Auditors need to be aware of the potential ways this technology can be used in an enterprise to advise the business as well to be aware of the specifics should they be called upon to provide assurance.
ISACA has a number of articles and resources to help auditors prepare for this potentially disruptive technology. These include:
- Blockchain Explained and Implications for Accountancy
- Impacts of Blockchain on the Auditing Profession
- Creating Assurance in Blockchain
- ISACA Tech Brief: Blockchain Basics
- The Promises and Jeopardies of Blockchain Technology
- Blockchain: Identifying Risk on the Road to Distributed Ledgers
- Digital Ethics and the Blockchain
- Bitcoin Boosting Businesses
- A View of Blockchain Technology From the Information Security Radar