Digital Transformation with blockchain technology-Accounting and auditing

Overview: Digital enthusiasts associated with Blockchain technology predict that seven to ten years from now none would talk about what is Blockchain technology like not even a common man talks today about what is internet. In 2030s a common man will speak about what is the new application from the stable of Blockchain. From the perspective of accounting and reporting blockchain is also due to evolve further and bring in revolutionary developments. One can make out from the above narratives the capabilities of Blockchain technology at its present state. Alvin Toffler, one of the world’s most outstanding futurists and known for works on modern technologies, including the digital revolution, said that “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.”

The author is of the view that the above comment was never applicable and will continue to be not applicable to accounting and auditing professionals. However, accountants would have to evolve further, transform, and reorient themselves more for the role of a management accountants and value aggregators. The professionals of auditing fraternity will have to also evolve and make themselves savvy and confident for applying digital tools. Their roles will also evolve with the advent of Blockchain technology. The commercial world expects them to apply tools and techniques that would enable them to conduct concurrent audit using digital tools instead of applying post facto and lagging techniques. Their reports must add values by proactive alerts for risks that can cause value destruction, digital crimes, breach of data, defacing of digital displays and spawning of malwares