Question

(a) What is block chain technology. (b)What benefits it can bring to the accounting profession. (c) The challenges the profession faces. (d) Do you think this technology would really have an impact on the profession?

Answer 1

Answer:-

(a):-Block chain technology:-

A block chain is a digitized, decentralized, open record of all simultaneous exchanges. ... Presently, the innovation is essentially used to confirm exchanges, inside advanced monetary forms however it is conceivable to digitize, code and embed for all intents and purposes any archive into the block chain.

(b).benefits of  blockchain technology in accounting profession:-

• Block chain is an accounting technology. It is worried about the exchange of responsibility for, and keeping up a record of exact money related data.
• The accounting profession is comprehensively worried about the estimation and correspondence of money related data, and the investigation of said data.
• A significant part of the calling is worried about learning or estimating rights and commitments over property, or arranging how to best dispense money related assets.
• For bookkeepers, utilizing Block chain gives lucidity over responsibility for and presence of commitments, and could significantly enhance effectiveness.
• Block chain can possibly improve the accounting profession by diminishing the expenses of keeping up and accommodating records, and giving total conviction over the possession and history of advantages.Block chain could enable accountants to pick up clearness over the accessible assets and commitments of their associations, and furthermore free up assets to focus on arranging and valuation, instead of record keeping.

Note:- Here i am not answered for (c),(d) questions because i am little bit confused about that two questions .if you need that questions also please upload it as a another question . Next time i will answered for that questions.Please don't give thumb down.

THANK YOU.