Blockchain and its impact on Auditing and Assurance profession
Sunday Jun 3, 2018

Blockchain is a very interesting technological innovation emerged due to Bitcoin. Blockchain is not a Bitcoin. Bitcoin is a digital coin or virtual currency. Block chain is the technology that enables moving digital coin or assets from one person to another person. The blockchain is generally associated with Bitcoin. It was specifically developed to support Bitcoin. However, leaving the merits of cryptocurrencies aside, blockchain is identified as a technology that will disrupt all industries, with global companies continuing to invest in new applications. While IBM predicts that 66 percent of all banks will have commercial blockchain products by 2020, the potential applications are not limited to finance. In fact, according to a Market and Markets report, the blockchain technology market will be worth more than $2 billion by 2021.

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