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Potential Benefits of Blockchain Technology in Accountancy

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Wondering how Blockchain can revolutionize accounting? You have landed on the right page. This article will talk about Blockchain technology, technologies that make Blockchain possible, and how it can impact the accounting domain. 

So let’s get started with what this technology is all about. 

Table of Contents 

  • What is Blockchain?
  • Technologies That Make Blockchain Possible
  • Blockchain in Accounting Domain 
  • The Verdict 

What is Blockchain?

Blockchain is a Peer-to-Peer(P2P) distributed shared ledger that has characteristics of decentralization, immutability, transparency, security, and privacy. Technology is capable of storing data securely that has useful characteristics, especially for accounting data. 

Rather than acknowledging Blockchain as technology, few assume that it is a tool that has the potential to drive massive economic development. It provides a platform where information can be secured without involving any third-party intermediary. Moreover, it also offers an innovative way to record and share data; thus, it can be applied to any sector of the economy, including accounting and auditing. 

Due to advancements in technology, accounting systems are now pushed from the physical world to the digital one, and Blockchain experts and technocrats believe that this technology will play a crucial role in that transition.


Want to know more about blockchain technology and its use cases across the world? Wait no more. Master the skills and become a Certified Blockchain Expert with Blockchain Council. 

Technologies That Make Blockchain Possible

Before understanding the implications of Blockchain in accountancy, let’s have a quick look at technologies that make this technology possible. 

Peer-to-Peer Network

 In the P2P network, each participant acts as an individual peer, has equal power, and performs the same tasks. In P2P, there is no central authority, and all nodes maintain a copy of the entire ledger every time. This makes it different from the traditional client-server models. 

Public Key Infrastructure(PKI)

For building trust between the participating parties, Blockchain makes use of cryptography. It uses asymmetric encryption to identify parties through digital signatures, along with the integrity of the transactions. With PKI, a pair of public and private keys is generated.

Hash Technology

Blockchain utilizes hash functions that are used throughout the entire process. Such functions ensure that records are not tempered, guaranteeing the integrity of the whole system.

Blockchain in Accounting Domain 

Since Blockchain is capable of recording and storing digital assets in a most secure way, and provides methods of recording cash flows and settling accounts, it is assumed to be a technology that fits perfectly well for accounting purposes. Technology helps in a way that it ensures that all data based on accounting is kept in an immutable and transparent manner on a blockchain network. Moreover, it allows accountants and CPAs to streamline their auditing processes while ensuring that the records are authentic and honest. This makes it different from traditional accounting systems that are prone to fraudulent practices due to human intervention.

Due to this, many powerful companies, technology experts, and end-users, including international accounting firms, have come up and invested in Blockchain. Let’s explore a few more implications.

Fraud/Duplicity Reduction 

Blockchain is known for its security and transparency. It helps in reducing scams and hoax because, in order to make changes in a record, the attacker/modifier has to make changes in all those blocks from where the ledger transaction originated initially.

Benefits of Reconciliation 

With Blockchain, reconciliation( an accounting process) validates that accounts in the shared ledger are consistent and accurate. Smart contract functionalities can lessen accounting pressure and thus prove to be helpful for accountants.

Enhanced Efficiency and Improved Cost Benefits 

Compared to common accounting processes, Blockchain helps in reducing tiresome efforts that are involved in recording and authenticating data, and along with reduced errors, it proves to be beneficial in reducing the cost of performing the same. 

The Verdict 

Accounting is the vehicle for reporting financial information about any organization or business. Incorporating Blockchain in accounting can lead to efficient operations and re-evaluate business models. When it comes to accountancy, it has its use-cases across various domains, including supply chain management, healthcare, automobile, manufacturing, among others. But the most notable issue that persists is the scalability of the Blockchain and whether the scaling cost of Blockchain would be low enough compared to the benefits of adoption.

If you are curious to learn how Blockchain Technology can be applied to various sectors of the economy, you can check out Blockchain Council that offers online training and certification courses, specifically in Blockchain and Crypto space.

 To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.

Potential Benefits of Blockchain Technology in Accountancy

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China’s Blockchain-Based Hospital to Figure Out Best Ways to Guarantee Data Security

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As China’s first blockchain-powered hospital is set to launch next year, few government officials have raised their concerns regarding data security and privacy issues. 

According to the statement by Cn-Healthcare, the First Affiliated Hospital of Dalian Medical University will launch a pilot program by January 2021. The report also mentioned that if it were not with the integration of blockchain technology, it might be able to launch the hospital six months in advance. As blockchain integration is yet to complete, the hospital will take a bit longer to get launched.

How Integration of Blockchain will Help 

Blockchain is a P2P, distributed shared ledger that holds the characteristics of decentralization, transparency, immutability, and traceability. China’s first blockchain-powered hospital aims to store patients’ treatment information securely on a Blockchain’s network.

Apart from this, it will allow patients to access the “internet hospital” services through the WeChat applet, whose blockchain network stores treatment data and other crucial information. 

Discussions Around “Using or Not Using Blockchain”

Although Blockchain will prove to be beneficial and patients will not feel any inconvenience in the hospital visits, explained Director Niu of the Information Department of the First Hospital of Dayi, but officials of the Ministry of Industry and Information Technology said that they are not convinced that technology is safe. They told hospital administrators that they are concerned about issues related to data security.

There were discussions inside the hospital around “using or not blockchain technology” and Director Niu mentioned that “our information department is facing a lot of pressure.”

There are rising doubts about the launch and integration of this new technology in the health sector domain. The most challenging one is the onset of this integration and how it will affect the majority of people as not many are familiar with the new technology of blockchains.
  

As officials have raised their concerns regarding data security and privacy issues, Director Niu added that the Ministry of Information has decided to examine the Blockchain’s applications from the viewpoint of data security, and also pointed out the direction of development for the technical staff. To come up with the solution, parties are debating about the best ways to ensure data privacy and security. 

Also, China’s President Xi Jinping once mentioned that the implementation of integrated blockchain technologies is fundamental in fostering technological innovation and transforming industries. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

China’s Blockchain-Based Hospital to Figure Out Best Ways to Guarantee Data Security

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Ontology- A Decentralized Identity Framework and its Wide Applications

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Curious to understand what Ontology platform is? Why is it under the limelight for long? How can it transform the automotive industry? So let’s get started. 

Table of Contents 

  • Overview of Ontology
  • Ontology: An Expanding Network
  • Its Latest Decentralized Identity Solution
  • Ontology to Build Trust in the Automotive Industry
  • The Verdict 

Overview of Ontology

Ontology is a high performance, open-source blockchain that lets individuals and businesses to enjoy the full benefits of blockchain. 

Blockchain is a P2P distributed ledger technology that offers decentralization, immutability, transparency, and security without dependence on a central authority or third-parties. 

Ontology, a decentralized blockchain-based framework, aims at solving the issues associated with identity security and data integrity. It aims at providing cross-chain collaboration and layer-2 scalability while still retaining control of their sensitive data, thus offering flexibility to businesses to a great extent. Instead of forcing organizations and businesses to use a single public blockchain, a platform allows businesses with greater flexibility in designing a blockchain that works for them. It has its own native cryptocurrency, Ontology Coin(ONT) 

As Ontology continues to introduce new and unique features for its users, it remains under the limelight for a long time. 

To know more about blockchain technology and become a Certified Blockchain Expert, sign up to the Blockchain Council now!

Ontology: An Expanding Network

Ontology is an expanding network that allows developers to build on top of its blockchain. Ontology offers various features, including ONT ID, a mobile digital ID application, and DID.

Unlike traditional systems, ONT ID is a single sign-on approach that offers a compelling alternative to the “antiquated” landscape and uses cryptography algorithms to identify and connect identities and assets without breaching security.

As it plans to cater to increased demand for cross-chain interoperability, the company is cultivating and expanding a decentralized identity partner network; it outlines the integration of the solution into BTC, ETH, Celo, Tron, etc., which is under construction now. 


The company’s founder, Li Jun, said: “With these new integrations, our tailored decentralized identity solutions now offer a higher degree of chain interoperability, greatly elevating the status of our offerings within the industry.

Its Latest Decentralized Identity Solution

Followed by this use case, Ontology also introduced a new decentralized identity solution, making it easier for crypto traders and crypto holders to securely manage and exchange their digital assets. 

Through this solution, crypto holders can access a complete view of all their assets through the Ontology website or ONTO app. No matter what wallets those assets are held in, crypto holders will have a clear picture of their digital assets. 

Apart from this, users will be able to access their Ontology’s credit scoring system on any chain.

This unique decentralized identity solution aims at connecting users’ assets to their identity, thus providing increased security and trust to all parties involved. It aims to connect the missing pieces of decentralized finance’s ecosystem all in one place. 

Want to have in-depth understanding of cryptocurrencies? Become a Certified Cryptocurrency Expert today!

Ontology to Build Trust in the Automotive Industry

Since its release in 2017, Ontology has made huge achievements across various domains. As it continues to make remarkable efforts, it has recently launched a unique decentralized identity to transform the automotive industry. 

For focusing on this industry, Ontology offers a blockchain-based decentralized digital identity solution that allows data related to driving to be stored and verified safely without compromising security. Not only this, but the platform also aims at offering multiple benefits to drivers and a wider audience of the automotive industry. 

The entire process is easy. 

Initially, a driver has to activate ONT ID, Ontology’s mobile digital ID application, and decentralized framework. This process allows drivers to manage his/her digital ID by storing their data locally on the phone or on trusted cloud storage securely. As we already mentioned, ONT ID uses cryptography algorithms (with a private key) to identify and connect identities and assets and grants. When a driver wants to open his smart lock enabled car, his data is recorded securely. Thus, ONT ID can be utilized as a unified account that gives control of their data in their own hands. 

Furthermore, the Ontology platform also supports a built-in ONTO self-sovereign data wallet, a mobile app for the data, and asset management that allows drivers to share their driving details with other ONT users instantly. 

And if in case a car accident takes place, the driver can instantly settle his insurance pay through an Ontology-powered insurance application.

The Verdict

Ontology is not only transforming the automotive industry; it is allowing businesses to selectively choose what information they want to share from their own blockchain. Few consider this platform as a potential boon for all those who want to keep going with the blockchain revolution.

To get instant updates about blockchain certifications and become a blockchain expert, check out Blockchain Council.

Ontology- A Decentralized Identity Framework and its Wide Applications

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Merchants accepting Bitcoin laud ‘zero chargeback risks’, says BitPay report

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BitPay recently released a study highlighting four merchants from different businesses that have implemented Bitcoin as a payment method. The parties selected to participate included a gold broker, an online gift card marketplace, a domain registrar that also serves as a hosting service, and an electronics retailer.

In the report, the unnamed merchants praised crypto’s lack of fraud-related chargebacks, noting the immensity of this issue when dealing with traditional institutions.

They also reported that while only 0.5% to 6.5% of their total eCommerce sales came from crypto transactions, these helped to boost the flow of new customers by 40% on average over the last three years.

During the pandemic, the study stated that merchants reported an increase in online shopping. This bolstered the number of crypto transactions on their respective platforms, with 11% of responding customers stating that they were using crypto and other digital payment methods for the first time.

The report also adds:

“The interviewed merchants identified an opportunity to grow sales by reaching a new customer segment that prefers to pay with bitcoin and other cryptocurrencies when shopping online. While cryptocurrency buyers still represent a relatively small share of spending, cryptocurrency recognition is significant and growing.”

At the beginning of September, a British online food delivery platform called “Just Eat” added cryptocurrency payment support for its subsidiary in France.

Merchants accepting Bitcoin laud ‘zero chargeback risks’, says BitPay report

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Global Spending on Blockchain Solutions will Reach Newer Heights

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You must have heard a lot about Blockchain Technology and its various use cases. In this article, we will throw light on global spending on Blockchain applications, as suggested by IDC Spending Guide, especially in the banking and manufacturing domain. We will delve deeper into how this technology is transforming both these sectors. 

Table of Contents 

  • Basics of Blockchain Technology
  • New IDC Spending Guide Sees Robust Growth in Blockchain Space
  • Blockchain- A Perfect Fit for Banking and Manufacturing 
  • Concluding Lines 

 Basics of Blockchain Technology

Blockchain is a Peer-to-Peer decentralized distributed ledger technology that mitigates the third party involvement. The groundbreaking features of Blockchain technology such as decentralization, transparency, immutability, security, automation are generating a variety of use cases worldwide. Tech giants, top financial institutions, governments, and conglomerates are now seeing and utilizing the advantages of Blockchain-based technologies for various purposes. Everybody can imagine a world of Blockchain in which contracts are encoded in digital code and stored in a permanent and transparent way, where they are secured from any kind of data manipulation.

Blockchain Developers and Experts claim it’s a fundamental technology that can create new foundations for our economic and social structures.

New IDC Spending Guide Sees Robust Growth in Blockchain Space

The IDC Worldwide Blockchain Spending Guide offers a detailed analysis of the Blockchain ecosystem and acts as a basis for how IDC organizes its studies and predictions on Blockchain technology. According to IDC, global investment on Blockchain applications this year will hit $4.1 billion, a rise of more than 50 percent relative to the previous year. The Worldwide Blockchain Spending Guide predicts a five-year CAGR of 46.9%, hitting a record of approximately $17.9 billion by 2024.
Finance will be the highest investment, at 29.7%, followed by process manufacturing (11.4%) and discrete manufacturing (10.9%). The report also mentioned that Professional services scored 6.6.%, whereas Retail services ranked 6%. The report suggests that the banking sector (which is predicted to be 29.7%) will alone account for more than one-third of Blockchain spending. 

In 2020, the US is expected to be the largest regional Blockchain investment market at $1.6bn, followed by Western Europe and China. 

James Wester, IDC Research Director for Global Blockchain Strategies, believes that challenges posed by the Covid-19 outbreak in the global economy and the attempts to curb it have forced almost all businesses, markets, and sectors to re-evaluate core processes. In his words, 

“This has accelerated interest and investment in digital transformation, which includes Blockchain and distributed ledger technology.”

Blockchain- A Perfect Fit for Banking and Manufacturing 

As we have already seen, finance will be the highest investment, followed by the manufacturing sector. Let’s explore how Blockchain benefits both these domains.  

Blockchain and Banking 

Much of the financial services industry has made major investments in a variety of services and applications due to weaknesses in network maintenance and breaches in security. Blockchain ledgers have revolutionary advantages over conventional methods that promote bilateral settlement by removing intermediaries’ failures, collateral costs, delays, reducing credit risks, speeding up transaction execution, and improving operational transparency, among others.

The banking sector has traditionally faced several problems with the recoverability of bank loans. Blockchain can be seen as an innovation tech where all transactions are registered in a block right from the disbursement until its end-use. 

In the conventional system, domestic payments take minutes hours, and the process for cross-border payments takes several days. Inadequate infrastructure often poses security issues when creating a foreign transfer, and therefore these transfers are vulnerable to cyber-attacks, which can disrupt transmission. Blockchain technology also enables payment processes, reducing human blunder, running costs, and fraud. Technology also helps financial institutions like banks to get rid of all payment service intermediaries, which decreases the costs of managing customer and bank payments.

Blockchain and Manufacturing 

Blockchain is helpful in manufacturing in supply chain management. Manufacturers have set their sights on the Blockchain to mitigate instability in the supply chain and quench their supply chain-related unease. Companies are focusing on perfecting processes, in which all supply chain members connect to and maintain a single record. These systems enable manufacturers to minimize product losses and provide specific provenance indicators to those who move the finished product along.

There’s another problem when it comes to manufacturing: it’s not resistant to security breaches, which can take many forms. Private, company confidential details and user credentials are the most popular types of data stolen from manufacturers. However, Blockchain allows all participants in a network to authorize data entry and then change the ledger. It spreads the possible vulnerabilities across the entire network from one single access point. Since manufacturing needs constant contact between suppliers and a single data breach could disrupt each party’s operations, this level of protection could prevent fraud resulting in both minor and cataclysmic failures of the systems.

Concluding Lines 

Blockchain’s future is near, and banking is not the only sector that has been affected. Tech giants and enterprises have understood the capabilities of this technology and started utilizing it for streamlining their operations. Its decentralized nature, transparency, and immutability can be applied to various industries, creating a multitude of use cases. 

As the Blockchain space is booming, if you are interested in learning blockchain technologies and want to become a Certified Blockchain Developer, get enrolled in Blockchain Council.

 To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Global Spending on Blockchain Solutions will Reach Newer Heights

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Why is Blockchain Booming in the Healthcare Industry Despite Challenges?

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If you are curious to know how Blockchain can transform the healthcare industry, you have landed at the right page. 

Table of Contents

  • Blockchain More Than A Bitcoin
  • How Blockchain is Revamping Healthcare Industry
  • Cyberattacks Encourage Blockchain Implementation in Healthcare  
  • Challenges that Need to Addressed
  • The Verdict

Blockchain More Than A Bitcoin

Blockchain technology is a P2P decentralized distributed public ledger that mitigates the dependence on a centralized authority while enabling secure and pseudo-anonymous transactions between the participating parties. Many aspects of Blockchain, such as decentralization, transparency, and immutability, are potentially drawing attention in the healthcare industry. Technology is addressing two of the most pressing issues that are: difficult access to health-related information by patients and incomplete records at the point of care. 


Technology emerged in 2009 as the foundation for trading the digital currency bitcoin, and since then, it has taken the world by storm. Blockchain developers, technocrats, and healthcare industry players believe that technology has the potential to provide a measure of data protection against hacker attacks as well.

Want to become a Certified Blockchain Developer? Sign up to the Blockchain Council now!

How Blockchain is Revamping Healthcare Industry

Initially, Blockchain had its implications in the finance domain, but today as it is much matured; therefore, it is expanding its use cases in the healthcare sector as well. Presently, healthcare suffers from fragmented data, delayed communications between the participating parties, and lack of interoperability. Blockchain helps in facilitating access to medical records stored in fragmented systems. Technology has the potential to enhance medical record management and the insurance claim process, along with accelerating clinical and biomedical research. With smart contract functionality, technology can create a secure, transparent, and effective technical infrastructure to revamp existing healthcare departments, promoting individuals’ and communities’ wellbeing. 

Blockchain can potentially help keep a decentralized, transparent, and incorruptible log of all records without involving central authority/third-party intermediaries. Although it offers transparency, it ensures that all logs of records are kept private. Its decentralized nature allows everyone in the healthcare department, including patients, doctors, and healthcare providers, to safely and quickly share the information. Most importantly, it empowers patients by giving rights in their hands while deciding who gets access to their medical records.

Apart from that, in the drug production and distribution supply chain, it benefits multiple players, including manufacturers, distributors, wholesalers, and pharmacies, by allowing everyone on the supply chain to know the true source and track its distribution whenever they want. 

Cyberattacks Encourage Blockchain Implementation in Healthcare  

As Blockchain indicates no sign of stopping, US healthcare officials believe that Blockchain can provide data security against cybercriminals and hackers since technology does not suffer from a central failure point. 

Reports suggest that in 2018, healthcare institutions were subjected to multiple cyber-attacks, which resulted in the penetration of more than 15 million patient records in 503 violations. Further, in 2019, such breaches increased by 60%.

Unlike traditional systems, the blockchain network is secured through cryptography. Only the intended users can access data using their own private keys, thus eliminating the chances of ransomware and other kinds of attacks. 

According to the DevPro Journal, “Blockchain, with its instantaneous exchange of medical and financial information, could allow insurance claims to be instantly filled and fulfilled as all data will be verified and coming from trusted partners.”

Want to know more about Blockchain technology? Become a Certified Blockchain Exert today! 

Challenges that Need to Addressed 

Blockchain is constantly improving rather than completed, and it has a few potential challenges that must be considered for it to be adopted in the healthcare industry. Few challenges are as follows:

  • Despite its popularity across multiple sectors, the perception that it only links best with Bitcoin has hindered its acceptance within the medical research communities. All entities involved in the healthcare department must accept and embrace this new model for its mass adoption. 
  • The complexity of processing large amounts of data in a single transaction, such as an MRI image, a CAT scan, is the other significant issue that needs to be addressed. 
  • Blockchain is incapable of removing deleted or replaced modified records. Instead, it adds additional blocks to represent such deletions and modifications, which indicates this process results in the need for ever-increasing storage. 

The Verdict 

Top pharmaceutical conglomerates, including blockchain developers and technocrats, are working to figure out the most productive ways to utilize blockchain technology. Blockchain is no more an emerging technology; rather, it is a mature concept that is creating unique opportunities with its decentralized approach, leading to secure and immutable information. In the giant field of the medical field, we can say Blockchain is here to stay. 

To get instant updates about blockchain certifications and become a blockchain expert, check out Blockchain Council. 

Why is Blockchain Booming in the Healthcare Industry Despite Challenges?

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