The blockchain is the most transformative and potentially disruptive technology we have seen since electronic spreadsheets. – Marc Staut, Boomer Consulting, Inc.
During the past year, we have seen numerous blockchain pilots in several industries, governmental applications, and more importantly, the convergence of multiple technologies increasing the capability and importance of blockchain to the accounting profession.
Discussions of blockchain are often abstract, so let's shift the focus from theory to practice. The blockchain is capable of more than just currency. It can handle contracts, stock market transactions, and even political promises of candidates, just to name a few. The blockchain has the potential to transform how taxes are assessed and collected at the local, state, national and global levels.
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