It is this core premise which blockchain, with its distributed ledger structure has vast potential to disrupt.
Blockchain works on a distributed ledger model which records every transaction and maintains the chronology & authenticity of the information on a secure global network which is designed to be tamper proof. The technology allows the transacting parties to interact seamlessly, eliminating record keeping activities across order-to-cash, record-to-report processes and procure-to-pay.
With this promise, blockchain has started to catch the imagination of finance and accounting executives with possibilities of transforming F&A operations similar in ways the internet revolutionized knowledge sharing collaboration.
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