Certified Public Accountants or CPAs should not be oblivious to technological innovations, such as blockchain, as they have the capability of transforming their profession.
Blockchain is part of the fourth industrial revolution or 4IR set to reign supreme in the near future. CPAs should, therefore, take a close eye on blockchain.
CPAs should known blockchain acquisition is imminent
CPAs ought to comprehend the reality that many companies are continuously embracing blockchain. As a result, there is a high likelihood that the organization they work for or one of their suppliers will imminently adopt blockchain technology.
For instance, Walmart recently announced that its leafy green suppliers would be required to utilize blockchain as it will propel food safety. This trend is, therefore, set to be embraced in many sectors as blockchain technology prompts transparency and traceability of products.
High demand for CPAs with blockchain expertise
Once businesses and firms adopt blockchain technology, new challenges will be inevitable, and they will reasonable alter the accounting landscape.
As a result, accountants with expertise in blockchain will be on high demand as they will be needed to offer support in various areas, such as advisory, audit, and tax services.
CPAs will, therefore, be required to know how blockchain works in financial systems.
CPAs can gain a competitive edge with blockchain
Blockchain is a field where accountants can maximize as they can become thought leaders for other professionals.
For instance, the Chief Financial Officer (CFO) of a company will be required to work in tandem with an accountant knowledgeable about an advisory based on chaincodes, programs running on top of a blockchain.
Realistically, blockchain technology has emerged to be one of the most desired skills in the IT job sector.
A recent survey by Deloitte Insights depicted that 86% of the respondents acknowledged the supremacy of blockchain technology because, soon, it will witness massive mainstream adoption.