Question

discuss the impact of block chain technology on accounting information systems in organizations today and if you believe this technology will improve or hinder an AIS currently in place within an organization. Do you believe the company you currently work for or have worked for in the past would benefit from block chain technology, why or why not?

do NOT answer with anything handwritten. your handwriting is not as good as you think it is and will be marked as incorrect and spam!

Answer 1

Block Technology in an accounting engulfs a wide variety of benefits to the organisation which ensure ownership of assets both in Present and Past. It also get reduced the maintenance cost of the organisation towards the maintenance cost of accounting and book keeping ,recording and as it generates accounts automatically by avoiding or eliminating the Reconciliation which must done by every accountant while generating or preparing several different statements. It changes the entire accounting system by disclosing the information about the obligation of enterprise, and also help in save time and cost ,and these resources can be used for decision making and analysis of business strategies and Planning of the organisation.

I believed that ,This Technology might improve the accounting information system as Accounting entries were linked with security of organisation which is equal to share the information on digitalisation, The blockchain technology want to see every thing digital like Digital title, Digital Insurance, Digital Bonds, and work with secured hash function ,which function on secured way by using the matching of the key of both public and Private key. And It Improve the transparency of accounting as once entered cannot be modified by any of the supplier or buyer or outsider, once entered ,get shared ,linked and get locked and make no one allow to modify because it will become public document to shareholders/Investors of the public once data is shared thereby locked.

It was currently in Pilot stage as no one has seem to be implemented but other than accounting such bit coin transactions it is implemented and those are clearly visibile and transparency over recording of transactions. It improve the trustiness of transaction of the business. And Definatly company will get benefit if it is use the Blockchain system because we don’t need to reconcile and retype and concentrate on book keeping,it save cost and time thereby, It reduce the cost of maintenance of accounting and Auditing too.And Improve transparency because once locked No one can be changed