Blockchain technology makes it possible to transform business, but leaders need to understand how best to utilize digital capabilities and build in trust.

Alvin Gan, Head of Technology Consulting at KPMG in Malaysia, believes that blockchain is poised to have a major impact on every industry because it can provide real-time, permanent verification for financial and operational transactions.

Gan says it is also crucial for accountants to understand the technology and how it will shape the profession and audits. For example, blockchain can present certain risks that revolve around system interoperability, auditability, control and collusion, data management and governance. Its transparency and accessibility can also change record-keeping and assurance practices.

‘Accountants need to be ready for all the possibilities that come with the implementation of this technology. It will definitely transform the landscape, as well as the job responsibilities. In short, the key is to learn, unlearn and relearn,’ Gan adds.

Read the full article by clicking here as published in the Accounting and Business Magazine Malaysia (ABMY).