Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, May 8, 2018

Blockchain is Already Changing Accounting

image from https://s3.amazonaws.com/feather-client-files-aviary-prod-us-east-1/2018-05-08/953b1c7f-c48c-415e-801e-0602689d7e9c.pngTwo of the “Big Four” accounting firms – Ernst & Young and Price Waterhouse Cooper – have already started to accept Bitcoin as payment. Even for those firms that do not yet accept this type of cryptocurrency, the digital ledger technology of blockchain is still on their minds. Deloitte dipped into the blockchain arena in 2014 with Rubix, a “one-stop blockchain software platform.” Universities have also begun to offer blockchain courses to respond to the shortage of engineers fluent in the technology.

Accountants desiring to be at the forefront of the industry should embrace this technology rather than fear that it will replace their profession. Erik Asgeirsson, president and CEO of CPA.com, says, “Through every phase, what’s really happened is the accountant’s and auditor’s role has just evolved.” If Bitcoin fizzles, there will be the opportunity for more types of cryptocurrency. That means blockchain is here to stay.

See Amy Vetter, Blockchain is Already Changing Accounting, Accounting Today, May 7, 2018.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2018/05/blockchain-is-already-changing-accounting.html

Current Affairs, Estate Planning - Generally, Technology | Permalink

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