Portfolio Project Module 8

Blockchain technology is an emerging technology in auditing and accounting. It allows for real-time access to information and ensures data integrity. All users can simultaneously own and manage the blockchain. It provides secure encryption for commercial information and can be used by various stakeholders such as suppliers, consumers, banks, and tax authorities. Blockchain has a significant impact on the accounting and auditing industry, providing accurate accounting data and reducing economic errors. It improves cybersecurity and can be integrated into internal controls. Blockchain can save money and improve security, safety, and transparency in accounting software. In the banking industry, blockchain enhances transaction processes and internal auditing. It also helps in creating secure public ledger systems for tracking payments and combating fraud in the financial sector. Hello everyone. Good day. My name is Nabeel Mahmood and our topic for today's podcast is one of the most emerging technologies in auditing or accounting and its name is blockchain. Those who can join blockchain may access real-time information. Each block shows who contributed data and when. These blocks are unchangeable. All blockchain users own and manage it simultaneously at one time and point rather than one individual user's data mine who may join ledgers and access level in a secure blockchain. Commercial information may be encrypted. A company's suppliers, consumers, banks, and tax authorities may use blockchain. Blockchain technology has a huge impact on accounting and auditing business and specialists in finance accounting. Blockchain math cannot overlook it in the 4.0 technology revolution. Specifically, first, blockchain can provide accounting data. Blockchain prevents data alteration. Blockchain information may only be added with all nodes approval. Even if part of blockchain fails, other computers and nodes will continue to preserve data. Their firms, consumers, banks, and tax officials keep notes on the computer network ledger. The ledger automatically verifies and adjusts data as they add information. Each party need not to keep their own ledger. Therefore, accountants need not process and modify all transactions. If blockchain technology is widely implemented, won't be needed to validate blockchain transactions. Second, blockchain reduces economic errors. Blockchain technology in accounting auditing lowers mistakes when comparing complicated data from diverse sources. Once saved to blockchain, accounting records cannot be updated or modified, even by the system owner. Because blockchain records and verifies daily transactions, financial records are accurate. Blockchain may minimize accounting scams. The network must validate each data block added to the chain. When we perform a chain transaction, all network computers will recognize us and verify whether we may trade. If we need to pay $100 but only send $50, the other blocks will notice. As stated earlier, the blockchain was a system made in a way that no one can make any modification or change it. But despite that, it is a form of ledger that openly distributes it in a way that it can effectively carry out all transactions recordings between two sides in a way that is permanent and provable. Now let's talk about internal controls through blockchain integration. Blockchain improves cybersecurity. To do any harm, a hacker must enter the whole network. If just one computer is attacked, other computers can notice and react. Blockchain technology may be used to monitor audit evidence, automate audits, verify transactions, track property ownerships, and register inventory anytime from a raw material to intellectual property. Blockchain can save money. Accounting and auditing applications include first update the content and auditor. Blockchain training. This new audit service based on technology intends to encourage clients to adopt innovative solutions by letting them monitor, inspect, and trace blockchain transactions in real-time. To embrace the potential given by this evolution, accountants and auditors must get acquainted with new ideas such as big data, encryption, ledger system, payment system, mobile device payment, and new platforms linking financial services, service providers, and customers. To be competitive in accounting and auditing in the future labor market, you must refresh your understanding of technology and industrial applications. Second, develop blockchain accountings and auditing firms. We want to know how and where to deploy blockchain to provide commercial benefits. Blockchain projects have limited programming tools making implementation challenging. Advanced blockchain initiatives require comprehensive programming tools for app developers. Professional companies are required to deliver service and access blockchain technology securely, swiftly, and efficiently. Third, blockchain accounting software. Combining blockchain technology with an accounting software will improve security, safety, and transparency. Electronic invoicing software recently adopted blockchain technology. Blockchain-based e-invoicing increases firm invoice security, safety, and transparency. This blockchain technology is a ledger that records and updates invoice information for all parties to examine and approve. Accounting software businesses should use blockchain for electronic invoice and accounting softwares in the future. The use of blockchain within the banking industry will not only enhance the transaction processes, but also improve the processes of internal auditing. Using blockchain increases access to information by providing new formatting and information transmission layouts. The adoption of blockchain therefore requires a robust framework that can facilitate the identification of various threats in place. Apart from improving the auditing process within the banking industry, blockchain technology facilitates quick creation of secure public ledger systems that are highly transparent and effective when putting together of information on sales, keeping track of all digital payments to the people that carry out content creation such as musicians and wireless users across the globe. As a result of daily developments within the technology, fraud is becoming a significant threat within the financial sector. This therefore calls for the implementation of robust financial security measures within all financial institutions. The use of blockchain technology is proving to be a powerful way to control and keep track of all financial records from one point to another. Thank you for listening to my podcast. Once again, this is Nabeel Mahmood and you guys have a wonderful day. Thank you.