How will Blockchain affect auditing in the future? What must auditors understand about this technology? Provide realistic examples to support your reasoning? Answer must be 250-500 words
ANSWER
Example:
Block chain is a mutual open record , in this way when Firm X sells
the tea-packs to Firm Y, the square chain sets a timestamp and
encryption of bookkeeping exchange, that consequently records both
a payable on the books of Firm B and a receivable on the books of
Firm X. Since the square chain is an open record, it can't be
obliterated, adjusted, or evacuated. Firm X can believe that Firm Y
got the item and the exchange to transmit assets through the
blockchain. Subsequently we notice right now blockchain has assumed
the job of an 'examiner', when an exchange is made between two
gatherings it promptly confirmed all data. Therefore blockchain
went about as an outsider examiner right now. In addition as the
records can't be altered along these lines is solid as well.
How will Blockchain affect auditing in the future? What must auditors understand about this technology? Provide...
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