Blockchain technology offers the promise of digital truth. When properly implemented, it provides a transparent, permanent, immutable, and high-speed record-keeping system. The possibilities are endless, from managing the logistics of supply chain networks to facilitating international commerce. The adoption of this technology is growing, with millions of new users every year. Organizations adopt this technology every day to help improve their existing operations through its ledger capabilities or executing smart contracts. Cryptocurrency is one example of blockchain technology. Its growth and value have exploded to over $2 trillion in the last few years. This growth has helped to fuel widespread adoption amongst Wall Street and regular investors alike.
While more popular than ever, few business professionals understand these technologies, their capabilities, risks, and potential impacts on business operations and processes, such as contract execution, recording and maintaining real estate ownership records, and supply chains. In fact, this incredible technology is a mystery for most accounting professionals. This course will provide a detailed and in-depth look at this technology, including a detailed overview of the underlying technology, the benefits, the risks, the major players, and many practical applications. By participating in this session, you will gain a deeper understanding of the inner workings of this technology and recommendations on getting started.
• Define blockchain and identify an example of blockchain technology currently in use
• List examples of how blockchain uses encryption to make the resulting ledger
• Identify at least four possible uses for blockchain-based ledgers
• Define cryptocurrency and list the four major cryptocurrencies used today
• List examples of benefits and risks associated with using cryptocurrencies
CPE credit: Recommended for 4 hours Information Technology
Program level: Basic
Who should attend: Accountants and business professionals who are interested in helping clients to improve their understanding of blockchain