Everyone with the right to join Blockchain can view the same information in real-time. You can see who added data to each block and when this was done. These blocks cannot be deleted or changed. All Blockchain users own and are responsible for maintaining the blockchain, instead of having only one person controlling it.
In a secure Blockchain, Blockchain users decide who can join these ledgers and access levels. Some information can be encrypted to protect commercial security. A company can have a Blockchain with its suppliers, customers, banks, and tax authorities.
One thing that may be less known is that Blockchain technology has a great influence on the Accounting and Auditing industry and is a technology trend that experts in Finance – Accounting – Testing Math cannot be underestimated in the development-like context of the 4.0 Technology Revolution. Specifically:
Firstly, Blockchain application can help keep accounting information confidential. Blockchain is designed to resist data change. Information in Blockchain cannot be changed and only added with the consent of all nodes in the system. Even if part of the Blockchain system collapses, other computers and nodes will continue to work to protect information. By creating a unique ledger on a computer network; Their companies, customers, banks and tax authorities take notes and share information. When any of them add information, the ledger will automatically verify and adjust the data. Each party involved does not need to maintain their ledger, so accountants will not have to perform all transaction processing and adjustment. Blockchains create a real- time traceability record, so if Blockchain technology is widely adopted, the role of auditors in verifying transactions performed in Blockchain will no longer be necessary.
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Secondly, Blockchain application helps minimize the possibility of economic mistakes. Blockchain Technology in Accounting – Auditing greatly reduces the possibility of errors when comparing complex and different information from different sources. Moreover, accounting records will not be edited and changed once saved to Blockchain, even if required by the owner of the accounting system. Because on the Blockchain platform, every day transactions are recorded and verified, so the integrity of financial records is guaranteed. Blockchain can reduce accounting errors and frauds. When a data block is added to the chain, the rest of the network must verify that data. When we make a transaction on the chain, all computers in the network will identify you and check if you have the right to trade or not. So if we need to pay $100 and we just transfer $50 by mistake, the other blocks will point out that mistake.