Blockchain is changing Walmart, Accountants and CFOs
Crypto and Bitcoin get all the hype. However, there is so much going on in the background so to speak with this exponential technology. Today, we speak with John Masotti founder of the MM Blockchain advisory and managing partner of Masotti & Masotti a CPA firm. Sean Larkin, founder of LBC an outsourced CFO company consulting in blockchain and cryptocurrencies. Vince LoRusso, Chief Product Officer at TrueUp. They are using gamification and skill-based challenges designed specifically to educate accounting, finance, audit, and tax professionals.
Origin of Discussion
Differences Between Blockchain Today and Internet Boom (2:15)
- Blockchain adoption is going to be slow (5-20 years)
- Adoption will trickle down from the big players in the economy (e.g. Walmart)
- This will have a big impact on accounting firms' business.
Walmart effects on Accounting (9:37)
- Need to analyze a large scale adoption over the course of a year. Lots of discovery especially on the accounting side.
- Can be difficult to convert block ledger data into easily-viewable information for CPAs to analyze.
- Accounting firms are going to need to educate themselves on blockchain tech and tools.
Can accounting firms evolve to support blockchain and ledger ops? (13:38)
- There will be a noticeable gap between the younger and the more mature accountant professionals.
- Blockchain knowledge isn't available from big four consulting either. Big market opportunity.
- Navigating through blockchain solutions is clunky at this time.
The evolution of the CFO (17:25)
- Ensuring the transactions
- Data integrity and transparency
- Communication and processes around how to get data onto their blockchains
- CFOs will need to be blockchain-tech-literate.
- Moving from organizing transactional data to interpreting it and applying insights.
- Applying better predictive analysis especially around inventories and more.
- The agile financial leader
- Customer loyalty becoming more measurable.
- TrueUp Blockchain Challenge results
Challenges from Increasing Need for Tech Knowledge In Business Roles (25:21)
- CFO and CIO will need to work more closely than ever before.
- Engineering and accounting will have to collaborate more out of necessity.
- Accountants will need to begin building programming competency.
- Key skill of the future: communication.
Risks of blockchain adoption (30:29)
- Lack of education and understanding. What value is being exchanged in cryptocurrencies and blockchain techs?
- Too easy to get on the hype train and take advantage of the average person.
- Cryptocurrency adoption will be much slower than blockchain tech.
Good place for accountants to start? (37:31)
- The Certified Bitcoin Professional certification
- Andreas Antonopoulos; videos
- Understand the basics of Bitcoin
- Accountants: get the fundamentals about how blockchain works
- Research, research, research + insatiable curiosity.