The application of Blockchain technology in the accounting and auditing industry will bring about innovative improvements. It is also a technological trend that finance, accounting, and auditing professionals cannot ignore in the context of the current Fourth Industrial Revolution.
Blockchain in Accounting
Similar to a business ledger, blockchain technology also allows businesses to transmit accounting data into a system that is encrypted and secured by the most advanced technology.
By creating a single ledger on a network of computers, companies, customers, banks, and tax authorities record and share information. When any of them add information, the ledger automatically verifies and adjusts the data. On a blockchain platform, every daily transaction is recorded and validated, thus ensuring the integrity of financial records.
With a ledger created on a blockchain platform, businesses, customers, banks, and tax authorities can update data and information on the system. And of course, when there are new changes (additions of data), this ledger will automatically verify and adjust the data. When all daily transactions are updated and verified, it means that... ensuring safety, accurate for Financial Records of the business.
Why can we confidently assert the safety and accuracy of applying Blockchain? This is because when adding a block of data to the chain, the rest of the network must verify the data, supporting the comparison of complex and differing information from multiple sources, thereby detecting errors.
Trends in Blockchain technology applications
The trend of incorporating Blockchain technology is already being implemented in electronic invoicing software at some businesses. Vietnamese businesses should consider this solution. Applying Blockchain technology to electronic invoicing software. To increase security, safety, and transparency for businesses.
In Vietnam, several technology startups such as Kambaria, Vakaxa, AChain, and Kyber Network have achieved significant success in building effective blockchain platforms, attracting considerable attention and investment from the global blockchain community. This presents a good opportunity for us to access new technological applications to improve operational efficiency and gain a competitive advantage over foreign companies.
For those working in accounting and auditing, adapting to these new technological applications requires staying updated on the trends of these changes in their field, understanding new professional concepts such as big data, cryptography, blockchain, payment systems, mobile payments, and new platforms connecting financial service providers and users.
In the near future, it is predicted that accounting software companies will further explore the applications of Blockchain (not only in electronic invoicing software but also in accounting software).
However, the programming tools used in Blockchain projects still have some limitations and encounter difficulties in realizing ideas for applying blockchain technology. To remove barriers to the application of Blockchain technology in accounting and auditing for businesses, organizations specializing in providing Blockchain technology services, platforms, and tools should intensify research and improvements to support traditional Vietnamese businesses in accessing Blockchain technology safely, quickly, and effectively.
