The blockchain is an accounting/audit technology that is focused on the transfer of assets and maintaining a distributed ledger of accurate financial information. Blockchain accounting has two primary characteristics:
- Mutually distributed—all participants on the blockchain, for example a company and its vendors and customers, have access to a full copy of their accounting ledger, and all copies are identical and equivalent.
- Immutable—the accounting “truth” of the transaction is determined by the parties to the transaction. This consensual arrangement then becomes codified and cannot be altered without the agreement of the parties involved in the transaction. Therefore, the transaction is permanent.
For those new to the Blockchain this course will prepare you to design and implement a digital accounting system for your company, primarily by using blockchain as your primary financial reporting accounting system. For those, familiar with the Blockchain this course will provide you with the tools to transition to blockchain as a “one truth” accounting system for your organization.