An Accountant's Guide to Blockchain and Cryptocurrency

Overview

Blockchain technology offers the promise of digital truth. When appropriately implemented, it provides a transparent, permanent, immutable, and high-speed record-keeping system. The possibilities are endless, from managing the logistics of supply chain networks to facilitating international commerce. The adoption of this technology is growing, with millions of new users every year. Organizations adopt this technology daily to help improve their existing operations through its ledger capabilities or by executing smart contracts. Cryptocurrency is one example of blockchain technology, and its growth and value have exploded to over $2 trillion in the last few years. This growth has helped fuel the adoption of Wall Street traders and traditional investors.

While more popular than ever, few business professionals understand these technologies and their capabilities, risks, and potential impacts on business operations and processes, such as contract execution, recording and maintaining real estate ownership records, and supply chains. Unfortunately, this incredible technology is a mystery for most accounting professionals. This course will provide an in-depth look at this technology, including a detailed overview of the underlying technology, the benefits, the risks, the major players, and many practical applications. By participating in this session, you will gain a deeper understanding of the inner workings of this technology and recommendations for getting started.

Highlights

• Understanding the fundamental tenets of blockchain technology
• Examples of applied applications of blockchain technology
• Identifying leading cryptocurrencies available today
• Understanding risks associated with cryptocurrencies

Prerequisites

None

Designed For

Accountants and business professionals who are interested in helping clients improve their understanding of blockchain

Objectives

• Define blockchain and identify an example of blockchain technology currently in use
• List examples of how blockchain uses encryption to make the resulting ledger tamper-resistant
• Identify at least four possible uses for blockchain-based ledgers
• Define cryptocurrency and list the four major cryptocurrencies used today
• List examples of benefits and risks associated with using cryptocurrencies

Preparation

None

Notice

Login information and eMaterials will be available in the “My CPE” section of the NESCPA website two business days prior to the seminar. Once eMaterials are downloaded, no cancellation/transfer/refund is available.