Why Blockchain Accounting & Auditing
The first time anyone would have heard about “blockchain technology” would have been in the context of Bitcoins.
Blockchain plays a critical role in the development of Bitcoin cryptocurrencies. The technology is inherently tied to the way that Bitcoin and other cryptocurrencies work. But in the era of “cryptocurrency 2.0,” blockchain’s utility has also been diversified.
Apart from Cryptocurrency, blockchain accounting has immediate relevance to banking regulations, (P2P) Payment Platforms Payment modes (where blockchain can mean eliminating mediators), bank operations, medical records and other types of sensitive data handling. The blockchain is designed in such a way that everyone is in charge, there is complete transparency, everyone knows the status of a transaction, and no one can make changes to the accounts.