How Blockchain Will Shape the Future of Accounting | Jacob Lewtan | TEDxBryantU
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- Опубліковано 25 бер 2019
- In his talk, Jacob Lewtan discusses the growing disparity between innovative companies and the accounting profession; a profession with the purpose of protecting investors of a company. Lewtan proposes his framework that would allow specialized professions, such as accounting, to keep pace with innovation through the use of blockchain technology.
Forward-thinking innovator Jacob Lewtan sees the fourth industrial revolution as a persistent threat to the accounting profession. He draws upon his knowledge of the power of analytics, fraud, and monitoring to connect how the accounting profession can advance through use of emerging technologies.
Jacob Lewtan graduated with a Master’s of Professional Accountancy from Bryant University in 2018. Through the duration of his Master’s program, he grew an interest in how to ensure the integrity of financial data. Working with Dr. Saeed Roohani, Jacob authored a research paper detailing how blockchain and smart contracts could be used to improve financial reporting. He has presented research the Hawaii Accounting Research Conference and the American Accounting Association Joint-Midyear Conference for Accounting Information Systems and Strategic and Emerging Technologies. Currently, his paper is under review for publication in the American Accounting Association Journal of Emerging Technologies. During Jacob’s undergraduate studies at Bryant he was a member of the Student Government and the Collegiate Entrepreneurs’ Organization This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at www.ted.com/tedx
This is very interesting. But why is the audio so quiet? I have it on full blast on my laptop just to barely hear it...
If the investor can see the blockchain of company financial in real time, it would be a revolution!
So insightful! Give this guy a raise!
Chainlink and Ethereum will revolutionized our current system.
Where do the miners come from, are they hired by someone? Do they work independently or part of some network? How can we ensure there are enough number of miners at work especially if the system keeps growing ? And what could be the risk & contingency in case ?
The miners are rewarded in cryptocurrency (In the proof-of-work method that is explained here), if the reward is bigger than the costs of mining, there will be miners to secure the blockchain. There are still many risks like the sustainability but if you read more into blockchain protocols then you will see that different projects are working on a better way to implement blockchain in businesses (For example proof-of-stake method). I hope this slightly has answered your question. if other people have something to add on this then I will be happy to hear too
very helpful presentation
This seems great but how do we integrate the banking and cash management into this said Blockchain technology for companies?
I will also love to know how this will work for construction, manufacturing, service and energy industry?
Theoretically it seems great I will just love to know what it will work practically.
Great idea!
Great initiative I hope many companies adopt this system. The only challenge is that the people who have to adopt this system are the same people who want to do fraud and manipulation of financial statements. So do you think they will approve since it will reveal true activities and amounts?
From my perspective, they might have to (if blockchain is going to be the standard in a while). Most companies are not fraudulent and I think they would be happy to save money on accounting. If more and more companies start to implement blockchain, then what investor would want to put their money in a company that still relies on old fashioned financial statements? But, personally, I don't think blockchain technology will be used for financial reporting and accounting. It focuses only on transactions, whereas an accountant is mostly interested in the respective accounting items.
So, should I continue studying accounting?
Or I should combine some other subjects with it?
If it's a professional course , no need to worry ; but if it is just a graduation degree then you should add ..
@@user-ts2oz6ub2bideas please ?
Investors will benefits real time data
2. Accounting process
3. Audit eill be more effective send efficient
Great, but what is the implementation of this technology in all industries and sectors of the economy? Additionally, it is mandatory to have approval from government entities
The true and exact application of Blockchain is only in Accounting Profession.
why do all ted talk presenters sound the same.
This mining is very energy consuming….. what r u going to do about that
Use a proof of stake blockchain, problem solved!
Only to certain extent. Wat u talking about still quite far away in the future.
Every new "revolutionary" product of today is the primitive problematic nuisance of the future. We have seen this throughout the history of mankind. Blockchain sounds great now, but this too shall change. All historic professions do and will evolve, but they will always be around. Technology is the greatest creation of mankind but I fear we are becoming far too dependent on it. We are just creating more way to be lazy.
This is an awful take.
I would rather put it as time management than lazy!
only time will tell...
this "awful" take is embedded in human history and our creation. Although i do feel sorry that my take on the matter doesn't gel with your pseudo perfect world.
dude socrates said that writing would make people lazy and less reliant on their memories. this is basically your argument.