Seldom does a person use the words “accountant” and “innovation” in the same sentence. However, with the evolution of Web 3.0, accounting firms must adapt to the innovations coming with blockchain technology or risk getting left behind.
What is Web 3.0?
Web 3.0 (also referred to as Web3) refers to the evolution of decentralized, blockchain-based applications that bring trade and commerce to a new level. Blockchain, simply put, is a distributed ledger technology that provides an immutable record of transactions between parties. Once a transaction is cryptographically recorded to a blockchain, the transaction cannot be altered, modified, or removed. Copies of the ledger are stored among many computers across the world, enhancing trust and providing transparency to the transactions on the ledger.
