During my last meeting with a group of Chartered Accountant , we started debating on rise of Block Chain technologies world-wide. To my surprise , everyone was unanimous on one thing that “It is yet to be legalized in India and used by people to evade taxes”.
But when I wanted to ask them little more about benefit of Blockchain or what are the progresses made worldwide in Banking sector etc , they all were silent and watching at each other face.
Friends, Blockchain is not about Bitcoin or cryptocurrency only and it is not about what we all read in media that it is used for Tax Evasion etc.
Distributed ledger system and digitization of assets , currencies and investment is a whole new concept which is going to stay here to bring more transparency and digital security in transactions.
Chartered Accountants should take keen interest in the growth of this new technology which will help in KYC , Reconciliation , Smart Contracting and triggering Over the Counter action whenever the contract milestone are hit.
Today we are talking about managing all bank accounts with single sign-on and showing customer all bank account in combined format wherein Bank A will Share API data with Bank B and Bank C likewise.
Positive side of Blockchain is that it will allow Banking sector to get better visibility of its own Customers dealing with multiple banks worldwide. It would be easier for intermediaries or P2P loan agencies to process loans and claims faster if they have better and clean data available of their potential customers.
Of course people advocating Data Security and Following PSD-2 development in UK and GDPR worldwide may have various version of this story both positive and negative. But one this is sure that we are heading towards another Banking and Financial Revolution wherein Social media and on the go banking worldwide will become new norm for social commerce.
Formalization of Indian Economy with Demonetization, Digitization and GST implementation is biggest change we could have seen and once data engines will start firing , India will become most Data Rich nation in the world.
For Chartered Accountants new areas like digital fraud prevention , cyber security , cyber audits and Compliance health-check by using smart tools in virtual world will generate more revenue in future.
Now the question is how we can learn about these technologies to the extent it can help in our business or practice. Most simple way is open linkedin account and subscribe it for monthly . Your monthly subscription will open up plethora of on-line learning through video opportunity wherein you can learn these new subjects very easily through video lectures created by well known authors and expert in the subject.
Learning the practical usage , control matrix and law around Blockchain will certainly get you extra edge over others and you can develop very good professional service bouquet for new age entrepreneur jumping into Blockchain , AI , ML and IOT as a fashion more than as business.
Log on to www.casanjay.me to track our previous articles and MCQ series to know how you can build a successful career as Chartered Accountant and contribute in the growth of Nation as true professional.
Author – CA Sanjay Kumar Agrawal
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