Blockchain was a favored subject during the 2017 AICPA Engage conference held this year in Las Vegas. Sessions on the technology were well attended, with attendees clearly interested in learning how the technology would affect the future of the accounting profession.
Blockchain technology is essentially a distributed ledger platform that contains, transmits and stores data in such a way that makes transactional activity extremely secure, and removes “middlemen” like banks and clearing houses. Blockchain is already in use, and Big Four firms -- most notably Deloitte, which has several blockchain innovation labs globally -- are already investing plenty of money and talent into the technology. The online currency Bitcoin is the most well-known example of an asset traded on blockchain technology, but smart contracts and general currency movement are some of assets the accounting profession is most interested in seeing come to life on blockchain in the near future.
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