Blockchain technology offers continuous, real-time accounting, makes fraud more difficult and will be a valuable tool for all stakeholders. Alexis Nicolau argues its importance for the audit profession and its future.
People have asked me on occasions whether blockchain technology is here to stay or just another buzzword. My reply all along has been that blockchain is definitely here to stay. The more I witness developments, the more convinced I am of its place in the future – and its importance for auditors and others in the accountancy profession.
To quote research and advisory firm Gartner: “We are now on the peak of the slope of enlightenment, when corporates and customers really learn and begin to use the technology for practical, useful purposes that will change how companies, applications and users interact”.