The article ‘What is blockchain?’ provides various descriptions of the matters that the CPAs need to recognize about blockchain. The writer defined blockchain as a digital ledger of financial transactions that infinite public customers can update always with no symptoms of corruption. The two kinds of data contained in a blockchain database are transactions and blocks. The blocks are time-stamped and keep batches of transactions that can’t be altered retroactively. The blockchain can be programmed to report transactions automatically. The central financial institution does not manipulate the measurements of such transactions due to the fact it does not change in any wellknown. The block chain operates in cryptocurrencies- digital currencies that provide a medium for circulation of Bitcoin and other cryptocurrencies.
Finance executives and other CPAs should care about block chain and its potentials because of the following reasons. First, the managers should know that block chain is much more than Bitcoin. The members of the finance department might confuse volatile Bitcoin with block chain, but the two are very different. Block chain forms the basis for the transaction of money such as Bitcoin. Second, block chain can help in reshaping the business of record keeping because its application will change how transactions are processed. Block chain also provides a powerful way of conducting business because it offers security for digital data.
In conclusion, block chain is a transformative digital ledger technology that helps people to trade using cryptocurrencies such as Bitcoin. The technology is fully public and keeps records in blocks that are free from corruption. The block chain also enables a transfer of value between Bitcoin wallets to keep a secret piece of data.