Question

My Major: MBA in Financial Engineering

Thesis Topic : The Impact of Block Chain Technology on Financial Markets,

Kindly provide with research questions for my thesis topic please?

Answer 1

• Blockchain is already impacting in a lot of industries and accounting is also one of those.
• Any accounting firms have undertaken blockchain initiatives to further understand the implications of this important and versatile technology.

Let me mention some highlights and briefly describe how would blockchain technology impact on accounting,

• For accountants, using blockchain provides clarity over ownership of assets and existence of obligations, and could dramatically improve efficiency.
• Blockchain technology has the potential to impact all recordkeeping processes, including the way transactions, are initiated, processed, authorized, recorded, and reported.
• Changes in business models and business processes may impact back-office activities such as financial reporting and tax preparation.
• With companies like Amazon and IBM offering robust, flexible, and scalable blockchain platforms, it is only a matter of time until accounting services emerge on those platforms.

Let me mention some advantages that blockchain technology could have on accounting:

• Improved Efficiency

Getting data into and out of the system can be done more efficiently and effectively.

• Reduced Errors

With the extensive features of blockchain technology, the number of fraudulent errors and miscalculations will be decreased.

• Reduced Costs

An increase in efficiency and a decentralized network of storage in one place would highly be beneficial to reduce the cost for the system.

• Reduces Time

Blockchain technology is highly aiming at reducing the audit time for the accounting industry. With the use of smart contracts, many auditing functions can be automated which will highly reduce the time.

Accountants can transform how blockchain will be used in the future and how the development of blockchain-led solutions and services take place.

Easier Reconciliation

• By utilizing smart contracts, accountants can automate many of the tasks.
• These technical skills need to be possessed in order to perform it effectively.
• You should learn it professionally for actually applying it to the accounting industry or any other industry. One of the best and smartest way to learn blockchain technology is from an online course.
• Blockchain as a source of trust can also be extremely helpful in today’s accounting industry.

To achieve its daily targets the industry still relies on mutual control mechanisms, checks, and balances.

This affects every day’s operations. While using blockchain, instead of keeping separate records based on transaction receipts, companies can write their transactions directly into a joint register, creating an interlocking system of enduring accounting records.

• The Big Four accounting firms are leading the way when it comes to blockchain research for accounting practices. Ernst & Young was the first to begin accepting Bitcoin as a payment method. KPMG has also adapted blockchain technology for its functioning.
• A lot of these industries have highly invested in blockchain technology and are going to put more for the same. They are looking out for professional developers who can run this technology for their betterment. Only be professional learning they can process the functionality of the technology. Once you learn it professionally, you will be able to be a successful developer.