CPAs are on the verge of using blockchain technology to track a client’s physical assets and follow financial goods throughout their lifecycle. When auditors and clients can upload and analyze information simultaneously, supply chains can be examined in real time rather than retroactively.
Blockchain is a distributed ledger system. Think of a big spreadsheet or Google doc that records every transaction in a supply chain, from manufacturer to end user. Now imagine every supplier, manufacturer and seller in the chain has simultaneous access to that spreadsheet and is updating it with verified information in real time. Unlike a Google doc, no one can retroactively alter blockchain information, which makes it extra secure.
This AICPA blog article shows ways you get involved now, even if your firm isn’t using blockchain. Start learning and develop these tools.
CPAs are perfectly poised to be thought leaders in blockchain’s development. They already are when it comes to emerging technology such as cybersecurity and AI. The more you understand blockchain and how it can benefit your practice, the greater input you can have in shaping the CPA profession.