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E133: How the Blockchain is Affecting Accounting and Finance with Dr. Sean Stein Smith

by Sean Boyce

Award-winning researcher, professor, and entrepreneur Dr. Sean Stein Smith joins me to discuss the impact blockchain and crypto assets will have on emerging technologies, how automation can be used in the blockchain, and the future disruption blockchain will cause the accounting industry.

Dr. Sean Stein Smith is an award-winning researcher, professor, entrepreneur, and enthusiast for blockchain, crypto assets, and the impact on emerging technologies. Here are a few of the topics we’ll discuss on this episode of Accounting Automation:
  • How blockchain and crypto relate to accounting and finance.
  • The direct impact Bitcoin is having on accounting.
  • How automation can be used in the blockchain.
  • Examples of where blockchain technology has been applied in industry.
  • The benefits of operationalizing blockchain for healthcare.
  • The future disruption blockchain will cause the accounting industry.
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  • 3:25 – “Think about a blockchain as a decentralized shared record of a transaction, part one. Part two is it’s a traceable, transparent and unable to be altered record of transactions and so on those points, it has an incredible, or it is going to have and is having an incredible impact on anything to do with audits.”
  • 16:50 – “You make some excellent points about how people think of modern technology, and especially updating older obsolete archaic systems and wanting to leverage technology and automation, it’s really difficult to do if you don’t have the infrastructure for it. So a lot of what you’re talking about is the foundational elements enabling the real outcomes that you want to get to, there are a lot of steps you can’t skip and blockchain makes a lot of those possible because a lot of these things are inherently built-in, it’s incorporated by design. So now all of these possibilities are real if you’re leveraging the technology which fundamentally covers those bases which previously would have been something you didn’t have access to because it wasn’t designed in from the beginning. ”
  • 22:04 – “Anything that needs to be audited or tracked, which is pretty much anything has the opportunity to be disrupted with this technology.”