The Impacts of Blockchain Technology (Essay Sample)

The Blockchain Technology
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The Blockchain Technology
A blockchain is a distributed ledger used to record money transfers in a system. The internet-based distributed ledger includes all financial interactions since its formation and is peer-to-peer. They're all "nodes" linked to the Blockchain, and each of them has a copy of the ledger. Participants exchange digital assets for each entry on a blockchain, such as rights, responsibilities, or sovereignty (Treleaven et al., 2017). Many various forms of blockchains are currently designed and implemented in the real world. As a result, the majority of blockchains adhere to this general
An Organization Most Likely to be affected by Blockchain
BT will have an impact on all enterprises because the information is a vital asset for each one. The financial industry will be the most affected by BT, as the data source is related to finance, which is critical and sensitive in and of itself. Blockchain technology may significantly impact all record-keeping operations, including the way transactions are originated, processed, authorized, recorded, and reported in the future. Accounting and tax preparation may be impacted by changes in the business model and business procedures. It will also be necessary for independent auditors to comprehend this technology in the context of how it is used by their clients (Treleaven et al., 2017). As new blockchain-based methodologies and procedures arise, CPA accountants' functions and skillsets may alter. Some audit evidence-gathering techniques must consider both traditional general ledgers and blockchain ledgers, for example.
It is also possible that accounting may be more standardized to improve data collection and analysis. The auditing profession may face new difficulties and advantages as a result of blockchain technology. Even though traditional audit-related solutions will continue to be crucial, the approach of a CPA auditor may evolve. For instance, blockchain technology may substantially affect how auditors perform their work just as the audit profession is evolving with audit breakthroughs in computing and data insights (Andoni et al., 2019). A CPA's skill set and understanding may also need to expand if blockchain technology becomes more extensively employed.
Embracing Blockchain Technology
It would be preferable for me as an IT manager to adopt blockchain technology as a service. Applications of blockchain technology are used in various industries, including banking, medicine, manufacturing, and education. Blockchain technology can improve confidence, teamwork, authenticity, and accountability, among other things. As a result of its remarkable technical architecture, blockchain technology may be adapted to many application cases (Andoni et al., 2019). Developers, for example, have the option of designing blockchains for private and open access, along with a variety of governance types; from a business model and incentive point of view as well as from a technological standpoint, cryptocurrencies offer new options to establish business strategies and rewards for customers. 
While blockchain technology is a valuable tool for open science, alternative technologies can be used. Among these is Dat, the person-to-person data synchronization technique that can be utilized as an architecture for academic discourse. This should be seen as outstanding service to safeguard the firm's data block (Andoni et al., 2019). It strengthens the organization by preventing illegal access to information, identity fraud, and data misappropriation. In this context, expertise means that BT is only efficient if indeed the IT team's personnel are well-versed in installing BT such that an organization will maximally benefit from the technology.
The Strategies for the Training of Blockchain Technology
A security awareness campaign should be a vital part of your security architecture to lower the risk of data breaches and a plethora of other cybersecurity risks. With the help of a cybersecurity program for creating awareness within the organization, workers are more aware of keeping their information secure when using standard office tools such as social media and email.