Blockchain

Blockchain is a distributed ledger technology, that has the potential to reinvent the way organizations do business across the globe. As per ISACA “Blockchain is a distributed network system that is often associated with Bitcoin, the first global decentralized currency. A decentralized archive utilizing the blockchain as a storage mechanism could offer an uncontested space from which records could be accessed. Documents and other sets of data can be validated by the blockchain—even if an application you used to get it there is not working. It is decentralized proof which can’t be erased or modified by anyone; competitors, third parties, governments. This is what distinguishes using the blockchain from other forms of data timestamping and authentication.”

Blockchain helps the organisations in bringing increased transparency, efficiency, and security to everyday business transactions and processes. Blockchain can create and add strategic value, up-level operations from efficient to excellent, help ensure regulatory compliance, and mitigate risk. Blockchain has the following key features:

But is blockchain right for your organization? Possibly. Companies need to get smart on blockchain and its enormous potential–before an investment is made and an implementation plan is in place.

At BDO, the goal is to add value to our clients’ business processes, drive innovation, boost efficiency and create a 21st-century competitive edge – both for BDO and our clients. We can help identify the important questions to ask to help determine whether blockchain is the right solution for your business. From readiness assessments and use case identification to technology selection and implementation strategies, we look at blockchain adoption holistically–all while being mindful of the regulatory, tax, accounting, and risk considerations that come with implementation.