Accounting is another domain that can be transformed with the power of blockchain technology finance, from simplifying the compliance to streamlining the traditional double-entry bookkeeping.
Instead of keeping separate records based on transaction receipts, companies can write their transactions directly into a joint register, with the entries distributed and cryptographically protected. As a result, the records are more transparent, and any attempts of forging are almost impossible. Think of it as of an “electronic notary” verifying the transactions. In addition, blockchain’s smart contracts can be used to automatically pay invoices.
Standardization with the help of blockchain would allow auditors to automatically verify the most important data behind financial statements and thus decrease the costs and save time.