For hundreds of years, the basic flowchart of accounting information has been the same. A firm records its own transactions, maintains a record of those transactions, and reports those transactions (Soll, 2014, xiv). Trends in technology make it inevitable that this basic information flowchart will end. In the future, multiple parties will record each transaction, and many more parties will maintain encrypted copies of each transaction. Anyone with the required keys to access a firm’s records will be able to generate financial reports for the firm.
For historical reasons, the move to blockchain is inevitable. Over the centuries, information records … Read more