How Blockchain Is Going To Change The Auditing Environment

2. How Blockchain Is Going To Change The Auditing Environment It is a fact that technology is changing the business mode, from rapid mode automation to flawless performance, everything is a technology blessing. Blockchain is one such programme that has affected corporations like never before. This distributed ledger technology paves the way for the improvement of traditional technical systems in a new set of technologies. According to IBM, about 66 percent of all banks would have commercial Blockchain products, however the usage of Blockchain is not restricted to finance alone. The value of Blockchain is estimated to be more than $2 billion by 2021, as per the Business and Markets research. Among the various industries that Blockchain can influence, we have the auditing job.

3. How will auditing be influenced by Blockchain? The influence of Blockchain on numerous companies is evident from the fact that most of these are attempting to use it for their benefit. Here, we illustrate how it can explain its effect on auditing work: 1. Change in the role of auditors- One of the first shifts in the auditing environment that Blockchain is going to bring is that the auditors' role will transfer to the analyst. The data reported on the Blockchain will be interpreted and the inferences deduced from the same. Compliance auditors will assist in managing and connecting the identity of people, businesses and properties. In addition, traceability with the provenance of products will also allow the auditors over time to trace and asset and will also provide real-time proof of transaction.

4. 2. No modification of records- One of the main duties of any auditor is to ensure that all information on the ledger is accurate and unaltered. There is no assurance of validity with the traditional method, as there is a greater potential to impact and modify the data. But you don't have to contemplate this truth with Blockchain. All the data entered in the DLT is cryptographically secured, thus ensuring that the data is absolutely secure and free from a data breach. 3. Data protection- What makes Blockchain so important for the function of auditing is that it facilitates data security. An auditor's primary concern is to ensure that all the details in the ledger is accurate and free of any errors. The best approach is to opt for an infallible and safe system. The framework is Blockchain. Since the information is encrypted and is time-stamped. Any data change or modification would be easily reflected in the ledger, ensuring full protection of the data.

5. Conclusion- It has become obvious with all these features that Blockchain is one of the best auditing and allied job options. It will require any finance professional to know about Blockchain and how to use it for auditing work. The best way to do the same is to register for the Blockchain certification programme provided by the Blockchain Council. The Blockchain platform has become a foundation for creating a new business mode, and having the same capacity and experience can give you an advantage over others.

6. Blockchain Council Certifications You can check out our certifications, and kick start your career in the Blockchain space today. • Certified Blockchain Expert • Certified Blockchain Developer • Certified Smart Contract Developer • Certified Solidity Developer • Certified Ethereum Developer