Blockchain for Accountants

Date: 1/07/25
Time: 12:00 PM - 2:00 PM EST
CPE Credit: 2 hours

This presentation provides a concise overview of blockchain - an online system of shared databases and distributed ledgers, The system allows authorized groups and individuals to evaluate and certify transactions between parties. The technology can only be accessed using deeply encrypted and highly secure keys. Users can post individual transactions, or "blocks", to the database. When transactions are accepted, the blocks become part of the "chain". These cyber connections are synchronized (every authorized user gets same view), decentralized (not under the control of any one entity), indelible (records cannot be changed or undone), single-use (recorded only one time), and not-reputable (irrevocably associated with the specific party who initiated the transaction). Blockchains can be used not just in accounting but in any situation when a verifiable public record is requested (such as health records and educational credentials).

Topics Covered

• What blockchain is and what it's not (It's not bitcoin!)
• Blockchain's multiple implications for the accounting profession
• Public vs. private blockchains
• Blockchain's many applications that go far beyond accounting and finance
• Key blockchain resources and communities online
• Blockchain starter strategy for accountants

Learning Objectives:

• Explore blockchain fundamentals and how the technology will disrupt many of the core businesses of the accounting profession
• Review blockchain's potential to help accountants actually boost their relevance, value and revenue
• Highlight how a typical CPA can transform blockchain into more of an opportunity and less of a threat by resetting their traditional accounting mindsets, methods and skills