Blockchain technologies have the potential to disrupt the work of finance teams – particularly those focused on transactional tasks – by offering a system of universal entry bookkeeping, removing the need for independent verification. Here ICAEW’s IT Faculty and Deloitte outline the basics of this complex and developing technology.
Details on the potential of blockchain, its implications for auditors, how the accountancy profession can lead and what skills are necessary for the future.
This guide from the ICAEW sets out the key features of blockchain, and the challenges it must face to reach widespread adoption. It includes case studies of real-life applications, as well as examining its impact on accountancy.
A comprehensive list of the technical terms and abbreviations associated with blockchain, alongside definitions written by experts at ICAEW to help practitioners.
Blockchain has the potential to grow to be a bedrock of the worldwide record-keeping systems, but was launched just 10 years ago. It was created by the unknown persons behind the online cash currency bitcoin, under the pseudonym of Satoshi Nakamoto.
Blockchain has the potential to be a disruptive technology across industries, with varying impacts on finance. While many applications are still at the exploration stage, there are plenty of examples demonstrating how the technology could be used. Here you can read case studies gathered by the IT Faculty and Deloitte.
Features and articles
Michelle Robinson considers cryptocurrency and how it should be taxed. She explores cryptomining and passive investors, as well as giving some practical examples and explaining why HMRC does not consider cryptocurrency to be currency or money.
As fintech grows in popularity, so does the ambition of countries wanting to grow the sector. Kirstin Gillon, technical manager in the IT Faculty, explains what can be learned from London and Singapore – including the importance of the Monetary Authority of Singapore and the Financial Conduct Authority.
Virtually any activity that can be run on a database, could be moved onto a blockchain platform, but whether approach is beneficial will depend on the organisation’s circumstances. Find out what you need to consider when thinking about implementing blockchain.
Michael Izza, ICAEW CEO, blogs about a discussion event hosted by the IT Faculty in June 2016 on blockchain and its potentially disruptive impact.
Kirstin Gillon, technical manager in the IT Faculty, blogs on the 'Accountancy saloon' event held in June 2016 on blockchain and the key talking points.
Webinars and recordings
In this webinar, Ben Taylor, Partner, IT Advisory at EY, explains how Blockchain technology has the potential to streamline and accelerate business processes, increase cyber security and reduce or eliminate the roles of trusted intermediaries in industry after industry.
Industry presentation what you need to know about blockhain by Areiel Wolanow, Managing director of Finserv Experts.
Finance in a Digital World
ICAEW is collaborating with Deloitte to ensure its members and students have the knowledge and skills to take advantage of the opportunities offered by the fourth industrial revolution and to meet its challenges head on. Log-in to access exclusive content, including: eLearning, webinars and bite-sized summaries on individual technologies and the broader impact of digital technologies on finance.
The Library & Information Service provides a hand-picked collection of industry press articles as a benefit of membership. If you are unable to access an article, please see our Help and support or contact firstname.lastname@example.org
The article looks at how ,faced with vast pools of data, regulatory pressures, and growing client expectations, today's auditors are walking a tightrope. The article mentions about the innovative technologies like artificial intelligence and automation are changing the game and enabling auditors to do their jobs with less risk and greater efficiency
The article discusses how accountants and finance professionals can leverage technological innovations to develop their leadership skills and become strategic partners. Topics discussed include tips for communicating the implications of technologies on organizations, technological trends that accountants and finance professionals should gain knowledge of including artificial intelligence, blockchain and cryptocurrencies, and the importance of understanding the pros and cons of new technologies.
We've all heard rumours of how blockchain will change our working lives forever, but what happens when its irresistible appeal meets the immovable object of GDPR? Kevin Philips, CEO of IDU finds out.
Policy paper setting out HMRC's view on how individuals who have cryptoassets (or cryptocurrency) are taxed. It explains what cryptoassets are, which taxes apply with detailed discussion of income tax and capital gains tax, cryptoassets received as earnings, and record keeping.
Financial Reporting Lab report that considers how current developments and use-cases of blockchain technology might impact corporate reporting processes in the future.
Report provides an empirical overview of the current state of both enterprise and public sector use of blockchain and distributed ledger technology (DLT). Data was gathered from over 200 enterprise DLT start-ups, established corporations, central banks and other public sector institutions. The concept of ‘blockchain’ and DLT is also explained and the different DLT architectures and governance-related issues are examined.
This guide from the Hogan Lovells law firm provides some of the fundamental tools needed to analyse blockchain projects under applicable data protection law.
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