How Blockchain is Used in Accounting
01.
Transparency
It gives the accounting industry increased transparency and a single source of truth.
02.
Speed
Settlements happen within the same day, sometimes seconds, with transaction costs that can be less than a penny.
03.
Distributed
Allows multiple parties to have simultaneous access to a constantly updated digital ledger that cannot be altered.
04.
Accuracy
Enforces accuracy and secure information sharing in the financial ecosystem by tracking transactions in a distributed way.
Guaranteed Accuracy Using Blockchain
Banks transfer gigabytes of data, combine shared databases and cryptography, and serves as a storehouse, which must be secure, digitized, and tamper-proof. Blockchain technology can potentially solve some of the banking industry’s critical issues today. Banks now store money for their customers and process the transfer of this money. Blockchain solutions have an inherently secure system, providing a lasting record of millions of daily transactions. Blockchain is being used to optimize accounting processes.
