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Christopher Mishler
02-02-2017 09:00 PM

"Stay relevant my friends!" (To steal an advertising phrase.) Steve, thanks for plugging our recent TSP Committee column (mostly written by Liv, what a smart person!).  
Will we stay relevant with the advent of Blockchain?  That's a question we need to keep asking and answering "Yes, because we're staying up with the implications of the technology, and adapting our practices for this new tool."  Let's be in the forefront of suggesting new applications for Distributed Ledger Technology.  Let's add some coding capability, such that perhaps all new accounting students must take basic programming classes or at least in analytical statistical packages like R or Python, perhaps take some MOOCs in data visualization packages like QlikSense, Tableau, Spotfire, Power BI and the like.  We need to "Get with the Program(s)," almost literally.

Be afraid in a good way, a way that gets us (me included) off our collective duffs and into the most out-of-our-comfort-zone body of knowledge that relates to our data sets. We are custodians of organization assets. Don't be the sleepy guard at the door, but engage with the other disciplines who are all more than eager to swallow, digest and explain our information to our stakeholders.  Who else understands the business as well as management accountants who work in the firm day in and day out (especially day out during monthend close!)? Why should technologists take over the translation of business results when we accountants speak "the language of business?"  

It's time to add some more dialects to our language repertoire, including "machine language," and Blockchain. 

TechTalk Blog - Blockchain and the Relevancy to Accountants

By Stephen Ritter posted 01-27-2017 11:37 AM

  
For those unfamiliar with blockchain, blockchain is a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.  Liv Watson and Chris Mishler of IMA's Technology Solutions and Practices Committee wrote a well thought article in a recent issue of Strategic Finance which gives background on blockchain and can be found through the following link: Get Ready for Blockchain

The Innovation Enterprise Ltd., a division of Argyle Executive Forum published an article yesterday which ties in nicely with the article written by Liv and Chris written on blockchain.  The link for this can be found here: Will Blockchain Render Accountants Irrelevant?

The potential impacts of this technology include transaction based activities and auditing.  But as people, we tend to be skeptic of things which we don't understand.  In addition to our skepticism, several industries and business sectors may have regulatory issues/concerns associated with blockchain and other technologies which could be prohibitive in implementing these.

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