Question

Research and explore what is Artificial intelligence (AI) and Blockchain. Critically analyse how are they currently used in accounting and what is their potential future in the field

Answer 1

a blockchain is a distributed, decentralized, immutable ledger used to store encrypted data. On the other hand, AI is the engine or the “brain” that will enable analytics and decision making from the data collected.

It goes without saying that each technology has its own individual degree of complexity, but both AI and blockchain are in situations where they can benefit from each other, and help one another.

With both these technologies able to effect and enact upon data in different ways, their coming together makes sense, and it can take the exploitation of data to new levels. At the same time, the integration of machine learning and AI into blockchain, and vice versa, can enhance blockchain’s underlying architecture and boost AI’s potential.

                                  AI and Block Chain in Accounting:

As artificial intelligence has done for every industry, it’s making a significant impact in the world of accounting and finance. From saving time and money and providing insights, AI-enabled systems for accounting and finance are the way finance professionals and their firms will stay competitive and attract the next generation as employees and customers.

New technology is changing the way people work in every industry. It's also changing the expectations clients have when working with companies. The same is true for accounting. Artificial intelligence can help accountants be more productive and efficient. An 80-90 per cent reduction in the time it takes to do tasks will allow human accountants to be more focused on providing counsel to their clients. Adding artificial intelligence to accounting operations will also increase the quality because errors will be reduced.

Blockchain provides a method for reconciling accounts and recording cash flow. It also records transactions and stores assets. To meet regulatory requirements, the accounting industry has relied on paper trails to perform transactions and accounting functions.