Will the Blockchain replace Accountants?
Accountants are certainly going to see major impacts in their businesses as a result of Blockchain technology, but will they be replaced outright? In this video ...
What's up party people. Chris DeRose here, Community Director for the Counter-party Foundation, and in this video I'm going to answer a question that was asked to me by one of our subscribers, Vici Victo. Vici Victo, the question that you asked was, "Bro, will the Blockchain technology replace accountants?" Thanks for your question, Vici Victo. So, there's no doubt that when new technology comes out, that there's a lot of people who are displaced by technology. There's many examples throughout history of certainly things like the industrial revolution coming and taking a lot of the fabric workers and such, and removing them from the workforce entirely, rendering them redundant. Certainly, we have things in the internet that are the same thing.
You look at newspapers, being the obvious example, and the recording industry probably being another example of these industries, and the persons in these industries that have been completely and utterly destroyed by the efficiency that was new technology. Typically with this technology, yeah, what happens is the technology itself renders the service redundant, and expensive and so it just marginalizes those people who are doing it. Now, with Blockchain technology, it'll be no different. We'll definitely see a lot of people that will be displaced by technology as the technology does their work. We talk a lot in the movement about removing third parties from this kind of mediating, the purchasers from the consumers, from the producers, and on and on. So where do accountants fit in this? Well, I actually think accountants are in a pretty good spot.
I think that certainly some accountants will be displaced by this technology, but I don't think that there'll be many. I don't think that there'll be many for a lot of reasons. One, I think that accounting isn't often, not always, but often very coupled with regulation. And accountants do work that requires interfacing to the government in some capacity. And I don't think the Blockchain technology will necessarily be consumed by these agencies at first, or even ever. I think a lot of the compliance work that needs to be done in the accounting profession will need to be done by humans at some degree.
Now, I do think that the Blockchain technology will probably make it so their job is easier. These reports and such that they had to come up with will be very quickly amassed, a lot less paperwork certainly, and that may render some accountant out of a job. Though, another nice feature of accounting is that typically accountants aren't necessarily done with their work. There's often so much for, I think, a lot of these people to do and they're just sort of limited in their time by the cost involved in getting the data, the cost involved in managing the data and so on and so forth. So if you empower these people to be more productive with their time, they will produce more and more results. Ideally, making business operations more efficient and then justifying their paycheck and adding some revenue on top of that.
So I don't think that accountants are necessarily in a bad spot here. I think that there's going to be a major change in the way that they do work over a long period, not at first, but I don't think that it'll replace accountants. The same reasons I don't think that spreadsheets replaced accountants. Spreadsheets were a tool that they used, it wasn't necessarily a complete replacement. It made them more efficient just like power tools make carpenters more efficient. That's what I think Vici Victo, but I don't know.
Maybe somebody watching this feels differently. If so, why don't you leave a comment below or if you want to add to the debate, certainly ask me a question and check out my videos. If you like what you saw, subscribe to my channel. Later, party people. Vici Victo, I'm out bro.