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 Tech Faculty and Deloitte outline the basics of this complex and developing technology.
Find out how blockchain works and what this disruptive technology means for finance teams through this eLearning module. The resource explains the technology and its application, giving clear examples of how industries are exploring its use.
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.
What opportunities does blockchain offer?
The application of blockchain within business is still emerging, but there are a number of benefits that are expected to flow through to finance from the technology’s use in wider business processes. Find out what they could mean for your work.
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.
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 Tech Faculty and Deloitte.
What is Blockchain, its likely impact on business, and in particular on the accounting profession?
Watch the presentations from the IT Faculty's seminar Demystifying Blockchain held in London on 28 June. The speakers covered topics, including: an introduction to blockchain; a use case example, from everledger; the auditor's role in a blockchain-enabled world; and the art of the possible in blockchain. The video also includes the audience Q&A with the panel of speakers.
How to implement blockchain
The best known blockchains are public and can be joined by anyone, but this would be impractical for business. Instead companies are creating permissioned blockchains to take advantage of the technology’s benefits in a secure environment. Find out more
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.
Organisations are increasingly collaborating to explore and scale blockchain solutions, forming groups referred to as consortia. Joining a consortium offers a way to lower risk and share innovations, supporting the successful implementation of blockchain.
Preparing yourself and your organisation for the impact of disruptive digital technologies might feel like a daunting task, but this eLearning module introduces you to a three step approach that is designed to help businesses embrace this change within finance.
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.
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.
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.
Latest ICAEW articles on blockchain
ICAEW member Alexis Nicolaou says blockchain is forcing accountants to evolve, get clued up and jump on board with the fourth industrial revolution.
13 February 2020: while experts have hailed the cross-border cryptocurrency strategy outlined in Davos as a potential tipping point, major regulatory and legal hurdles still block the widespread adoption of digital currencies. Mark Taylor reports.
The growing popularity of cryptocurrencies means auditors need new skills and knowledge in that area, says David Lyford-Smith.