Blockchain technology is raising speculation over the future of audit and assurance work and the impact it could have on accountants. Originally created to serve as the foundation for cryptocurrencies, blockchain technology has developed and been adapted into many other spaces, including smart contracts. It has the power to disrupt the audit and assurance process and industry.
Specific to accounting, blockchain technology combines peer-to-peer networking technology and cryptography, which allows for a “triple-entry” ledger that can automatically record and confirm transactions in real time. Moreover, these records are distributed over the network and are extremely difficult to change after being recorded, leaving little room for fraud.........
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