[mojojojo]

Hi folks,

What are your takes on a career in Blockchain accounting and banking?
There seems to be a lot of studies going into the blockchain model accounting.

Im an Indian international candidate with some Indian audit and Management consultancy experience. I completed CMA and just cleared all 4 papers and awaiting my license
Currently based in Dubai, I’m considering trying for an internship or even an entry level job with some MNC like IBM.

I want to do something unconventional and different.
Blockchain seems hot, and I would love to be pioneers in a specialized field and travel the world with the knowledge. 😛

Any other areas I should know of that could be the future? Is gaining experience in SAP/Oracle a safer bet?

[Defo]

I've been fascinated by the blockchain developments as well. It seems extremely likely that its going to be the future of accounting at some point down the road, but its hard to say if that is tomorrow or 20 years from now. If you're interested in it then go for it. Whether bitcoin is a flash in the pan or not, blockchain makes total sense for the accounting industry so I don't see it going away.

[MIsconnie]

More IT exposure never hurt either. If you can get that at work.

[Tncincy]

I am a bit old school. My goodness, I am getting used to the internet and doing virtual office business now there is something else to consider? Don't get me wrong I am willing to learn but what is the advantage? I understand the security of it but are there other advantages to add?

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

My curiosity has peaked, I am reading several articles on the advantages of Blockchain in the accounting industry. Just a few minutes though, I need to be studying for far. :-/

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Defo]

Tncincy,

In theory blockchain has the potential to remove a large part of the work accountants and auditors currently do. I think we should be a little nervous! At minimum its going to cut the need for some of the workforce in the field. On the other hand if it wasn't for blockchains it was going to be robots taking our careers anyway.

[Bourne]

I'm also very interested in learning more about blockchain. What is a good book or paper to read? I read somewhere that the big 4 firms have released white papers discussing blockchain, anyone know where to find these?

[mojojojo]

For thise interested in blockchain, start seraching for it on linkedin, read articles written by CPA's on how this is going to change the accounting universe.
It sounds futuristic now, but the way things are changing, this could soon be the norm.

[Tncincy]

bump
I have been looking for conferences or classes that are offered to learn more about block chain, SAP or other accounting softwares. My intention is to convert my tax/bookkeeping business after passing the CPA exam…soon (lol).

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Defo]

There are a few youtube videos floating around on “Balanc3” software that is still in beta. It gives a good first look at some blockchain accounting in action.

You are probably a little early for considering adoption to your tax/bookkeeping business. Blockchain software is going to be just another version of what you use now at this point (and probably not nearly as good). It only becomes useful when not only your client uses it, but also all of their vendors and customers. Its the shared ledger between two companies that makes it so compelling. Its going to require the largest companies, or entire niche industries to adopt first.

[dj]

https://www.youtube.com/watch?v=kZn-7dYeCZY

The basis of this video is that a lot of accounting such as auditing is required by law. For example, a company that is publicly traded or a government/ not-for-profit organization that receives taxpayer money is required by law to have their financial statements audited and signed off by a CPA.

My understanding is that once an entry is put into blockchain it is nearly impossible to change it without everyone in the peer to peer network knowing about it which it makes it that much harder to change entries for fraud purposes.

But the initial entry that is put in the system that is accepted by the peers needs to be verified by an independent third party and blockchain doesn’t change that.

[aaronmo]

Just hearing the term block chain makes me feel like my grand parents did with a VCR.

[aaronmo]

[Anonymous]

I agree with all of the above posts, blockchain does seem like it has the potential to change the way a lot of routine accounting and audit tasks are performed.

Besides the encryption that is used in the blockchain ledger, the fact that it is a decentralized system also offers more security to large companies that are typically targeted by hackers. Spreading the data out on multiple computers supposedly makes it a lot more difficult to steal or alter system data.

The AICPA seems like it is trying to stay abreast of the technology and there are some good articles, videos and podcasts on their website on the subject.

[Anonymous]

@aaronmo ,

I think technology is a lot like a river, if you are standing next to it anything in it will quickly pass you by, but if you are in a boat (even a small crappy one) you can keep up.

Like it or not, we live in a period of rapid technological development which comes with a lot of perks, but the obvious downside is the effort needed to keep up with it.

One the plus side, for us old dudes learning about new tech and keeping up with software updates and new applications is a good way to keep the gray matter nice and limber …

[Defo]

I think blockchain is more like a DVD player, which would make us VCR repairmen.

[Author]

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