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Accountants need not be left behind
Luckily, smart accountants don’t need to be left behind as the market churns forward into its next tech-based chapter. Blockchain, like virtually all disruptive technologies that came before it, shouldn’t be feared by accountants but rather seen as a tool that can help them do more with less. Blockchain offers too many tantalizing perks to ignore; the incorruptible, near-instantaneous nature of blockchain processes make it too alluring for big banks to pass up on.
Accountants who are concerned about blockchain technology should start studying up on tech transparency articles and accounting research projects. After all, new technologies always pose a certain risk, and those accountants who know how to use these innovations properly to boost transparency in the financial world will see the best results from using blockchain. Regulatory reporting and communicating with other companies, banks, or financial institutions will all soon be revolutionized by encrypted blockchain technology, too. More than anything else, accountants need to remain flexible and capable of rapidly learning about new innovations if they really want to stay on top of tech like blockchain.
Shared data platforms are only going to get more and more popular in the immediate future, since big data has essentially become the driving force of today’s international market. As long as blockchain-like technologies thrive off of encrypting and decentralizing information to a broad mass of people or companies, they’ll be incredibly enticing to big banks who are looking to cut back on cost in the 21st century’s harsh business environment. Financial reporting will be completely different in but a few years, if only because these banks could save untold millions by switching to blockchain-based services.
As investment bankers continue to get drawn into the many benefits of blockchain that pertain to the banking industry, expect more major banks to start rolling out blockchain services of their own. Cryptocurrencies, too, will become the norm on Wall Street, though big bankers once turned their noses up at the mere mention of Bitcoin. Accountants hoping to duck their heads in the sand and avoid the blockchain avalanche are kidding themselves – like it or not, blockchain is here to shake up the accounting and banking industries.
Accountants need not be left behind
Luckily, smart accountants don’t need to be left behind as the market churns forward into its next tech-based chapter. Blockchain, like virtually all disruptive technologies that came before it, shouldn’t be feared by accountants but rather seen as a tool that can help them do more with less. Blockchain offers too many tantalizing perks to ignore; the incorruptible, near-instantaneous nature of blockchain processes make it too alluring for big banks to pass up on.
Accountants who are concerned about blockchain technology should start studying up on tech transparency articles and accounting research projects. After all, new technologies always pose a certain risk, and those accountants who know how to use these innovations properly to boost transparency in the financial world will see the best results from using blockchain. Regulatory reporting and communicating with other companies, banks, or financial institutions will all soon be revolutionized by encrypted blockchain technology, too. More than anything else, accountants need to remain flexible and capable of rapidly learning about new innovations if they really want to stay on top of tech like blockchain.
Shared data platforms are only going to get more and more popular in the immediate future, since big data has essentially become the driving force of today’s international market. As long as blockchain-like technologies thrive off of encrypting and decentralizing information to a broad mass of people or companies, they’ll be incredibly enticing to big banks who are looking to cut back on cost in the 21st century’s harsh business environment. Financial reporting will be completely different in but a few years, if only because these banks could save untold millions by switching to blockchain-based services.
As investment bankers continue to get drawn into the many benefits of blockchain that pertain to the banking industry, expect more major banks to start rolling out blockchain services of their own. Cryptocurrencies, too, will become the norm on Wall Street, though big bankers once turned their noses up at the mere mention of Bitcoin. Accountants hoping to duck their heads in the sand and avoid the blockchain avalanche are kidding themselves – like it or not, blockchain is here to shake up the accounting and banking industries.
