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There’s going to be a major technological change in the accounting industry soon. No doubt cloud-based technologies, artificial intelligence and process automation have influenced the world, but the most promising one is “blockchain.” If we combine blockchain and accounting, the combination of both can offer some far-fetched business benefits. However, the first question arises – what is blockchain?

what is blockchain

Blockchain

  • Blockchain is a continuously growing, decentralized public ledger of all transactions.
  • Completed transactions/records are called blocks and are dispersed to a P2P network of computers.
  • Blocks are linked to each other in a linear/sequential order.
  • Each block comprises a cryptographic hash of the preceding block, which ensures that the data is secured.
  • The data can be dispersed in a secure way and once the blocks gets recorded, they can’t be changed without shifting blocks subsequently, and that would require the involvement of the majority of the network.
  • When a record is changed, it is allotted a new hash.

Blockchain and Accounting

Blockchain and accounting are related in many cases. Blockchain technology offers the subsequent logical step for more high-tech accounting with various potential influences.

  • Blockchain offers an instant-verifiable and strong set of records that can’t be meddled or changed without the involvement of the whole network.
  • Transactional data would be promptly recorded and added at any time to the blockchain through its own exclusive and unique hash code.
  • If accountants/auditors want to recover that data, they will be required a pertinent hash code.
  • Having blockchain work as a record for transactions will not require the accountants/auditors to interact different departments amidst businesses to get receipts in order to validate transactions.

Streamlined Accounting Strategies

  • Accountants and auditors can standardize records through blockchain and combine them in a ledger, making it accessible to all verified and approved users.
  • When all transactional data is gathered at one place and updated electronically – whenever an alteration is made, accountants and auditors can assess all the activity and can cooperate with the departments to settle accounts.
  • Through such approach, the cost and time linked with manually swotting the transactions can be condensed significantly.

Promptly Verifiable Transactions

  • For auditors, validating transactions and asset history is important, however, this process can take some time and can be complex, especially when businesses have diverse accounts.
  • As data security is becoming more important, blockchain offers a means of demonstrating that files have remained inviolate.
  • With a unique hash, auditors can simply “cross-reference” and can instantly validate transactions.
  • If a record is changed later, a new hash is created and the record once again gets timestamped.
  • If this information varies from what an auditor has there, they can be sure that the record has been altered, as they will have a clear review trail.

blockchain and accounting

Better-Quality Acquiescence and Regulations

  • If we talk about compliance, many companies take quite a few months to modify/update their core accounting and finance developments to put up new regulations, strategies, and standards.
  • With blockchain, alters to the ledger are manifested across all copies within just a few
  • As it’s a decentralized database, no radical changes should be made for the alteration of data.
  • If an accountant wants to update a record, this can be done quite easily and quickly.

Future of Accountants and Auditors

  • The major change – banks have begun to offer accounting type amenities as a chunk of business package.
  • NatWest applied Open Banking protocols in 2017, to share information with FreeAgent, which is a cloud-based accounting product, providing consumers more discernibility over the course and letting them share their data directly amid the bank and accounting software.
  • By adding blockchain and the accurate software to the combination, the record-holding procedure could be mechanized and, by means of open banking protocols, data could be directly shared.

Is there a need for an accountant?

  • The future of accounting/auditing lies in combined-keys as they all can interconnect with each other instantaneously whilst distributing unparalleled sanctuary.
  • Though many would see the technology as a risk, however, it’s a chance for auditors to concentrate on regulations and explore irregularities inside the transactional environment.

The blockchain is a chance to boost processes, however, auditors and accountants can apply their proficiency and vision to deliver value to the customers.

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ETHLend – Making Ethereum Lending Safe & Secure

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Cryptocurrency lending is something every user is hesitant of, but it is still one of the ways to earn money in a short period of time.

The issue circulating with crypto-lending is when it comes to repayment, people do not know how to trust each other.

ETHLend:

There’s your answer. ETHLend is a cryptocurrency lending application, that functions on the Ethereum network. It is accessible through MetaMask, a plugin that works as a connection between the Ethereum network and your web browser.

From now onwards, users can lend Ether without the risk of loss of capital as it ensures secure lending. Also, lenders can browse through loan requests on the EthLend website, then pick the borrower of their choice.

  • The borrower will issue a loan request.
  • The loan request creates a Smart Contract on the Ethereum Blockchain.
  • Insert the required data such as the loan amount, the premium (interest rate) and time to borrow.
  • The borrower then inserts the Digital Token address and the number of tokens that are used as a collateral.
  • After all the data is set, the borrower then transfers the Digital Tokens to the Smart Contract. Now, lenders can fund the loan.

What Happens If The Borrower Doesn’t Repay The Loan On Time?

When the borrower is unable to repay the loan, the Smart Contract transfers the digital tokens to the lender’s Ethereum address. It is up to the lender, whether they want to hold onto or sell the digital tokens.

The decentralized model and the use of cryptocurrency is the proper solution to achieve ETHLend’s goal. It aims to provide a global liquidity pool between people, which means that any borrower in the US isn’t limited to the US alone and can access funding from all across the world, like Asia and Europe.

What Are EthLend Fees?

EthLend deducts around 0.01 fee for every loan request and funding of a loan. The fees will finance the further improvements on the Ethereum platform.

What Cryptocurrencies Can I Borrow And Lend?

To begin with, Ether lending is available, since the application runs on Ethereum network. Later on, other cryptocurrencies like Bitcoin, Litecoin etc. will be included.

Why the Ethereum Network?

Ethereum consists of Smart Contracts, that allows to perform complex transactions such as and lending and handling the collateral. No one can stop you from lending or borrowing, not even ETHLend. Fortunately, ETHLend has the ability to borrow in locations where there are no banks in sight. All transactions are visible, so you can easily keep track of what is happening.

Goals:

The focus is to expand their user-base and explore their boundaries while ensuring that their procedure remains as simple as possible. ETHLend is also including additional features like language options and ways to calculate the value of the collateral, to avoid unnecessary loan requests in the future. Its team is located all over the world but, initially work towards the same goal, to provide a fair and secure lending/borrowing platform. Ultimately, aiming to become the largest lending market on a global scale.

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Japan removed Tax on Bitcoin, Rise Expected in Trading:

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The tax reforming bill of Japan has officially removed consumption tax on the sale of Bitcoin.  Bitcoin trading events expected to increase in JAPAN after the activation of the bill. In a report entitled “Inbound Tax Alert, 2017 Tax Reform Proposals”.

Deloitte earlier has revealed that digital currencies, as well as Bitcoin, set to release from the eight percent consumption tax in Japan.

Deloitte’s report says:

The supply of digital currency will release from Japanese Consumption Tax (“JCT”). At this time, digital currencies like Bitcoin don’t fall under the category of released sales, and as result, the sale of digital currencies in Japan have judged as taxable for JCT purposes. Resulting the performance of the amended Fund Payment Law in May 2016, that a defined “digital currency” as a means of payment, the sale of digital currency as well-defined under the new Fund Payment Law will release from JCT.

Bitcoin Market of Japan:

On 27th of March, the National diet of Japanese officially accepted the tax reform proposal 2017 shared by Deloitte. It passes the Bitcoin consumption tax along with other bills recorded on the proposed reforms. The bill, that came into activation on 1st July. It expected to considerably increase Bitcoin and other digital currencies trading events within the Japanese digital exchange market.

On 1st April, the government of Japan officially approved Bitcoin as a legal currency and payment method. Since that day, the government of Japan has been focusing on establishing and creating a more effective ecosystem for Bitcoin traders, users, and Businesses.

The Bitcoin exchange market of Japan is already well equipped and well-regulated. It has an efficient Anti-Money Laundering (AML) and Knows Your Customer(KYC). AML systems are especially strict in Japan.

The increase in Bitcoin Price:

Although, it may be fully coincidental, meanwhile the start of Bitcoin tax elimination bill in Japan on 1st July, the price of Bitcoin increased from about $2450 to $2570. It is not a complete assessment to the Bitcoin’s upward momentum to the market of Japan. It accounts only for 16.2 of the Global Bitcoin exchange market.

However, a good sign for trading Bitcoin in Japan could have established a constructive example across Asia. It controls utmost 65% of the global Bitcoin exchange market share and it also affected Bitcoin price.

Soon, hundreds of thousands of cafes, restaurants, stores could start to accept Bitcoin as AirRegi. AirRegi is the largest point of sale machine operator in Japan and it is looking to enhance Bitcoin by the fall of 2017.

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Onestpay Best Method to Exchange Bitcoin to Paypal – PerfectMoney – Payeer etc

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Different ways to buy bitcoin

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Buying bitcoin is simple. As simple as signing up for a mobile app. The first step to buying bitcoin is signing up for a bitcoin wallet on sites like blochchain.info by filling up a form with essential details. once you have the wallet, there are different ways through which you can fill it up with bitcoins. Here we are going to fill you in on the 4 most common ways to buying bitcoin.

Buying Locally:

Follow these simple steps to buy bitcoin locally:

  • Find a seller in your area who sell bitcoin for cash
  • Select the desired amount of coins
  • Place the order and receive seller’s account number
  • Deposit your cash in seller’s account
  • Upload the receipt as a proof of trade
  • Receive bitcoins in your wallet

Buy Bitcoin Online:

The best way to buy bitcoin instantly is to buy bitcoin with credit card or debit card. SpectroCoin is one of the reliable coins that accept credit / debit card payments for bitcoins.

But there’s a catch. SpectroCoin only offers $50 worth of bitcoins to its new customers. However, as they grow into reliable customers, the limit is stretched out to $200 and then $500 by the following few days.

Buying With PayPal:

Although PayPal doesn’t facilitate the direct Bitcoin purchase, there is a way around for those looking to buy bitcoin with PayPal:

  • Visit Virvox
  • Deposit money with PayPal to your account
  • Buy SLL on the exchange
  • Buy bitcoins with your SLL
  • Withdraw your bitcoins

These are few of the quickest ways to buy bitcoins. Good luck with your purchase.

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