The co-author of the book Blockchain Revolution contends that the technology is going to have a transformative impact on financial services as well as other areas of life and business. Several firms in the finance and audit areas have already invested vast sums of money towards this. One of the areas, Blockchain can have a major impact is in establishing trust between different ends of a business transaction among people who do not generally know each other. Thus, the need for intermediaries gets eliminated. Its superior algorithmic systems are enabling easier payment verification, tax return filing and foreign exchange trades. Office and staffing costs could be reduced as people can now work from any remote location. The huge quantities of data warehousing will also enable easier audit through automatic plug-ins. A digital double-entry bookkeeping system is thus underway. This newfound efficiency will help teams develop more innovations. To make it all successful, seamless collaboration across networks will be essential. The traditional financial service providers will try to gain back market plus there will be regulatory bumps, but all of these will need to be resolved.

Source:https://betterworkingworld.ey.com/digital/blockchain-why-finance-and-auditing-will-never-be-the-same

Uploaded Date:09 August 2018