Reflection on Technology Advancement and Accounting Profession Changes
VerifiedAdded on 2023/06/03
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Journal and Reflective Writing
AI Summary
This reflective assignment explores the impact of technological advancements, particularly Blockchain, on the accounting profession. The author details how technologies like Blockchain, machine learning, data analytics, and AI are reshaping business operations, emphasizing Blockchain's potential to redefine transactions and enhance security and automation. The reflection highlights the potential displacement of traditional roles like auditors due to Blockchain's decentralized ledger system. It expresses concerns about the accounting community's preparedness for these changes, while also recognizing opportunities for accountants to guide and shape the future integration of Blockchain in accounting. The author suggests the need for accountants to develop new skills and embrace technological innovations to remain relevant and contribute to the development of Blockchain-led solutions within the accounting ecosystem. The reflection concludes by emphasizing the importance of adapting to technological changes and advising organizations on the benefits and costs of adopting new systems.
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