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Blockchain could improve security

Posted on Monday, September 18, 2017 by Gary Hunt

<iframe width="560" height="315" src="https://www.youtube.com/embed/vDGlu5Ms-4s" frameborder="0"></iframe> <p><em><a href="mailto:ghunt@ohiocpa.com">By Gary Hunt, senior content editor</a></em></p> <p>Blockchain technology can make records more secure by allowing access to more people.</p> <p>For anyone who remembers what it was like to search for the key to the filing cabinet, that might seem counterintuitive. But it&rsquo;s true, said Ryan Watson, CPA, principal at Upsourced Accounting and Xero ambassador.</p> <p>&ldquo;A lot of the conversation about blockchain is the cost benefit of the added security,&rdquo; he said.</p> <p>Watson joined us on the latest episode of OSCPA Spotlight to continue our conversation on blockchain. He said by its nature, the technology is tough to hack.</p> <p>&ldquo;It's not this one database that a hacker can come in and manipulate,&rdquo; Watson said. &ldquo;Any transaction on a blockchain would be tracked in real time. So you just can't hack one. There's thousands of copies of the same data. So, that is obviously a huge benefit, from a data integrity perspective... It's more or less tamper proof because of the decentralized nature.&rdquo;</p> <p>Watch this episode now to hear Watson explain why reliability of blockchain is less of a concern for CPAs than other existing technology. Also, catch Watson&rsquo;s presentation, &ldquo;The Connected Advisor: ReTooling with Technology,&rdquo; this fall at the OSCPA accounting shows in Cincinnati, Cleveland and Columbus.</p>

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