Blockchain Accounting Services

Blockchain Explained

The blockchain is a decentralized, append-only transaction ledger from which previously stored blocks of data cannot be edited, adjusted or changed. Many of those who are excited about blockchain technology refer to it as an “immutable ledger,” which means a tried and true digital bookkeeping method that eliminates many of the types of error or ambiguity in more traditional systems.

Blockchain as technology is a database that is distributed across a network of computer nodes. All transactions are checked for validity by the nodes in the network then stored on a block with a unique code called a hash. Every block also stores the hash of the previous block in the chain. Hash codes connect blocks in a time-stamped manner to create a blockchain. Because each new block is built from the verification of previous blocks, it becomes impossible to change or tamper with information recorded.

The blockchain is consensus-driven; a vast number of computers are interconnected within its network, and each time any block is added to the blockchain, it is public throughout the entire network. To minimize fraudulent transactions, a mathematical problem is attached to each newly processed transaction to be solved. Each computer that is connected to the network must agree with this solution in order to make a transaction successful.

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.

With firms like Deloitte, PWC, and KMPG adopting blockchain accounting, here is why you should be next in line to receive blockchain accounting and audit services from us:

Integrity

Blockchain accounting provides two crucial advantages in the accounting profession: Immutability and Transparency; Harshwal helps to increase the integrity of various financial organizations.

Reduced Errors/Fraud

Blockchain accounting is 100% secure, and when the data is entered into blocks, smart contracts handle many accounting functions automatically, thus reducing human errors. Blockchain accounts are unchangeable, and cannot be penetrated, thus reducing the chances of fraud.

No Tampering with Records

Each record in blockchain accounting is stored in a block and is encrypted, and each entry is stamped and dated automatically. A digital signature can be used to check that no record has been tampered with or altered after it is entered. We closely monitor all the entries on behalf of our customers to ensure that their blockchain Accounting System is working fine.

Security

In blockchain accounting, data or records are entered in a shared or distributed ledger, which can be made available to all the concerned members. In this case, accountants, regulators, auditors, and clients would each have an identical copy of the portion of their records. HCLLP monitors all the transactions done under blockchain, and we also help a user to establish proper blockchain accounting systems.

Why Choose us for Blockchain Accounting Consulting

Harshwal can help to provide the easiest and most efficient way to maintain your accounts or ledgers in Blockchain, without the risk of data tampering, and can provide for a durable framework for keeping track of the assets. Over the last few years, interest in blockchain has been in full swing; Google also admits that request for blockchain technology services has seen a significant increase. At Harshwal, we can help your company to harness the power of blockchain for cutting-edge results!

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