Trust is a major selling point when it comes to the value CPAs bring to business. But how will blockchain technology – which offers a new level of secure, electronic verification of transactions – impact that value proposition?
Perhaps more importantly, how will CPAs leverage this technology to enhance their value as trusted business advisers?
“It's this idea that we have these organizations whose job it is to be a clearinghouse for trust,” said Ryan Watson, CPA, principal at Upsourced Accounting and Xero ambassador. When it comes to the accounting profession, “what is ultimately our job from an assurance perspective around the public markets? It's adding a layer of trust.”
“And so, the promise of blockchain is that it unbundles trust in a way that says we don't need a third party to come in and validate that this particular thing occurred,” Watson said in the above episode of OSCPA Spotlight. “The technology does that by default.”
Watch this episode now to hear Watson explain why he thinks the idea of unbundling trust around accounting transactions “holistically” is unlikely, and “is a bridge too far.”