how to use the technology to add value to my firm and our customers.
by jody padar
from success to significance: the radical cpa guide
historically, when it comes to transacting money or anything else of value, people and businesses have relied heavily on intermediaries such as banks and governments to ensure trust and certainty. middlemen perform a range of important tasks that help build trust into the transactional process, such as authentication and recordkeeping.
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blockchain changes this.
blockchain is a type of distributed ledger or decentralized database that keeps records of digital transactions. rather than having a central administrator like a traditional database (think banks, governments and accountants), a distributed ledger has a network of replicated databases, synchronized via the internet and visible to anyone within the network. blockchain networks can be private, with restricted membership similar to an intranet, or public, like the internet, accessible to any person in the world.
this distributed ledger can exponentially reduce the need for accountants and will change banking as we know it.
currently, a program built with blockchain is already disrupting the payment space with a service called veem that can transfer money overseas for only an exchange fee. no bank wire needed! it doesn’t take long to get set up. it is saving small businesses thousands of dollars in transaction fees.
are you aware of it? should you be? this is an everyday example of how technology is changing how we serve our customers – a practical approach where we can look like heroes.
do you have customers that are banks? have you discussed these new technologies with them? if not, why not?
as many talk about the evil of technology reducing our jobs, i look toward the positive to see how to use the technology to add value to my firm and our customers.