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How blockchain technology can supercharge cfo initiative

Ernst and Young (EY) did a study showing how blockchain technology could revolutionize the job of the CFO. These beneficial advancements run the gamut, from enhancing cybersecurity to helping manage the supply chain better. Here are a few of the ways that blockchain development can impact CFO roles

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How blockchain technology can supercharge cfo initiative

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  1. How Blockchain Technology Can Supercharge CFO Initiatives

  2. Ernst and Young (EY) did a study showing how blockchain technology could revolutionize the job of the CFO. These beneficial advancements run the gamut, from enhancing cybersecurity to helping manage the supply chain better. Here are a few of the ways that blockchain development can impact CFO roles

  3. 1. Instituting Trust and Accountability The most revolutionary aspect of the blockchain is the ability to record transactions permanently while maintaining privacy. This main benefit of the blockchain has tremendous applications when it comes to financial accountability and trust.

  4. 2. Analyzing the Numbers As a CFO, you are driven by data, and having access to data quickly is critical. Blockchain technology can offer a distributed ledger where any copy, no matter where it’s located, gets an instantaneous update with the latest information. This provides an unparalleled ability to offer the CFO real-time reporting of every transaction.

  5. 3. Aligning Finance with the Strategic Objectives of a Company With real-time tracking and instant sharing of information, the blockchain can transform business silos into synergistic collaborations. This better empowers a company to get everyone on the same page to achieve business goals.

  6. 4. Creating Innovative Business Strategies Consider the possibilities offered by blockchain applications: instant transmission of data, distributed ledgers, better transparency, and more. Crafty CFOs will be finding ways to utilize this to get an edge in the marketplace.

  7. 5. Providing Communication and Transparency Communicating to stakeholders and shareholders, in and out of the company, is important to generate trust and confidence. The transparent blockchain technology can easily enable this.

  8. Getting Started with Blockchain Technology This is an exciting time to be a CFO. The blockchain is a true technological disruptor. With the help of a strong blockchain consultant, the full power of this new technology can be leveraged to totally revolutionize a company’s finances and business development.

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