Pitting the Blockchain against Human Accountants

So when somebody mentions the blockchain, the first thing that likely springs to your mind is Bitcoin, isn’t it? Well, perhaps you’re one of those people who believe they’ve missed that bus and so you’re making sure to get into the likes of Ehtereum as perhaps the next biggest cryptocurrency to cash-in on…

You’re quite right to associate blockchain technology with cryptocurrencies, but keep in mind that the blockchain is NOT necessarily cryptocurrency. Cryptocurrencies such as Bitcoin and Ethereum are mere applications of the blockchain, which is a public-ledger technology system that operates over a distributed network of computers. We won’t get into too much detail as far as that goes, but under discussion today are some interesting developments around the application of the blockchain to the financial industry.

Beyond the creation of a cryptocurrency as a means through which to essentially reward people for lending their computing power to the infrastructure required to run the blockchain distributed network, this technology is being pitted against human accountants in some inquisitive quarters. The general belief is that technology such as the blockchain will replace many of the expert fields in existence, particularly in the financial industry and even in fields such as law.

While some very interesting findings emerged, generally speaking this doesn’t mean you should ditch your trusted accountant or team of accountants anytime soon. It’s not even just the specialist accountants whose jobs are indicatively safe for the next few decades to come, but the entire accounting field in general.

Sure, the public ledger system works well to organise and store permanent records which can essentially be accessed at any time as part of the accounting, bookkeeping and auditing process, but that’s about as far as it goes. Not even the much-vaunted deep-learning spheres pose a threat to what human accountants can do for you…

Take a bunch of highly skilled and experienced North London Accountants into consideration, for example, when dealing with issues of formally registering a business. The advice they can offer you, beyond their core service of doing your books, will never be matched by the otherwise colossal power of the blockchain. In fact, they could perhaps make use of the records contained in the blockchain themselves to come up with creative ways through which you can arrange your affairs so that your business benefits favourably.

Based on their knowledge of the local market and how that relates to the international markets, as well as their experience and insight on issues such as tax breaks and the likes, human accountants don’t need to be programmed to rely on precedents set in order to accurately advise a way forward that could help you facilitate something like a tax deductible action to take. The financial landscape along with all the laws that govern its operation changes rather dynamically as well, which would require for the expert analysis in any case of all the records subsequently stored on technologies such as the blockchain.

So don’t rush to ditch the likeable fellows who do your books with a smile for a technology whose future still kind of hangs in the balance, well at least as far as it goes with its widespread adoption and application as a standard.