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Blockchain, The GDPR & What Accounting Professionals Need to Know

As financial services firms invest billions in blockchain technologies, there are two questions that need to be addressed. What are the core elements of GDPR? and How will GDPR impact accounting and finance blockchain projects? Let’s take a look at each one.

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Blockchain, The GDPR & What Accounting Professionals Need to Know

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  1. Blockchain, The GDPR & What Accounting Professionals Need to Know

  2. Blockchain has tremendous potential, is currently being implemented in a variety of industries including financial services organizations, and will continue to lead paradigm shifts for individuals and organizations, but one potential stumbling block linked to blockchain may have been overlooked in the excitement and buzz. • Blockchain technology is that the information uploaded, verified and stored on the blockchain platform, is immediately available to all network members.

  3. How Blockchain can Change Your Industry Blockchain technology create situations where many of the opportunities connected to blockchain will, ultimately, be constrained as regulators catch up to this technology? Especially for accounting and finance professionals, who manage, analyze and report information on a continuous basis, understanding the intersection between GDPR, blockchain and accounting services, is critically important.

  4. What Exactly is The GDPR? GDPR roll-out, several key elements appear to form the core of what is driving this regulation, especially for global finance:- Global in nature GDPR is more than just words Transparency & Communication Are Core

  5. Global in Nature If an organization has any contact with an EU resident information, they are subject to GDPR. 2. GDPR is More Than Just Words Any regulations may sound good on paper, but without proper enforcement & penalization mechanisms, may be difficult to enforce over time. 3. Transparency & Communication Are Core An issue that has repeatedly been brought to light, especially when it comes to consumer data and information, is that disclosures are not readily understandable.

  6. GDPR & Accounting Initial analysis, accounting and finance firms might seem to not be covered by GDPR but, drilling down, the finance & accounting of payment processing will certainly be impacted by GDPR. Personal data is accounting data. Data audits will become necessary. GDPR means opportunities and challenges.

  7. Conclusion • Accounting and finance are already in the midst of a dramatic transition and evolution thanks to blockchain technology, and GDPR will add an additional layer of complexity to be considered moving forward GDPR as simply a regulatory obligation, accountants and finance professionals should emphasize and leverage the opportunities being created by standardization and rule setting embedded in the GDPR. • GDPR as simply a regulatory obligation, accountants and finance professionals should emphasize and leverage the opportunities being created by standardization and rule setting embedded in the GDPR.

  8. Are You Looking for a Blockchain App Developer? Contact Us https://www.consagous.com/blockchain-services/ https://www.consagous.com/ info@consagous.com

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