Blockchain 101. Aynsley Damery. #QBConnect WiFi: QBConnect Password not required

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1 Blockchain 101 Aynsley Damery WiFi: QBConnect Password not required

2 Take a few moments to CONNECT with your neighbor WiFi: QBConnect Password not required

3 CPE Process CPE credit administered in coordination with In order to receive CPE credit Be sure to sign in or scan your badge for this session You must stay in the session for the duration of the training This session is eligible for 1 hour of CPE CPE certificates are ed directly to you within 4 weeks of the conference date to the same address you used to register 3

4 Today s moderator Aynsley Damery, FCA CEO and Founder 4

5 Author 5

6 The Journey to get to Blockchain 6

7 Recent awards 7

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9 We believe in helping business owners create a better business, better life and better world. we know that every business has the power to change lives and make a difference not only for the business owner themselves, their family and team but for those less fortunate around the world too. 9

10 Common purpose The UN Sustainable Development Goals (SDGs) In September 2015, 193 World leaders agreed to 17 Global Goals If achieved, they would mean an end to extreme poverty, inequality and climate change by 2030 First time it was recognised that entrepreneurs could play a part in solving the worlds most meaningful problems 10

11 Agenda What is blockchain and how it works Strengths and weaknesses How it could impact audit & accounting What it means for your firm 11

12 What is blockchain? and how it works

13 Blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. Wikipedia 13

14 What??????

15 stockstation/shutterstock.com

16 Bitcoin v Blockchain Jaruwan Jaiyangyuen/shutterstock.com 16 Jaruwan Jaiyangyuen/shutterstock.com

17 How the term is often (conf)used Data structure Algorithm ie code Suite of technologies Umbrella term for the ecosystem 17

18 Strengths and Weaknesses

19 Strengths Transparency Removal of middlemen Decentralisation Trust Security Reduced costs Increased transaction speed 19

20 Weaknesses Lack of privacy Security 51% hack threat No centralised control Cost and environmental impact Regulation Hype 20

21 How could it impact audit, accounting and bookkeeping?

22 We don t need to really understand the underlying software. It s the implications and power of blockchain that are more important that the actual software. Blockchain s not going to sit around and wait for our working groups to report. Instead of thinking, We have to get these things perfect before they go out the door, we need to accept that things will be iterative. If we wait for perfect, we re going to miss it! Barry Melancon, President and CEO - American Institute of CPAs 22

23 Topical discussion points on blockchain Public v private blockchain 23

24 Topical discussion points on blockchain Centralised v decentralised v distributed databases Centralised Decentralised Distributed 24

25 Topical discussion points on blockchain Scalability & speed of transactions (incl dapps on Ethereum platform) 25

26 Topical discussion points on blockchain GDPR (especially if you are, or you have any clients, trading in EU) 26

27 Topical discussion points on blockchain Making Tax Digital (MTD) (in US commoditisation of tax ) bringing the gap connect with a CPA 27

28 Potential impact on audit, accounting and bookkeeping Reduced workload Real time auditing Triple entry bookkeeping Advisory work on ICOs, revenue recognition, fair value Tax Better (more reliable) data for better business advice 28

29 Recommended next steps

30 Slide from ICAEW presentation 8 years ago!

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32 How do you think your firm could benefit?

33 Questions? WiFi: QBConnect Password not required

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35 Some recommended texts Blockchain Basics: A Non-Technical Introduction in 25 Steps - Daniel Drescher Blockchain: Ultimate guide to understanding blockchain - Mark Gates IBM Blockchain for Dummies The Book Of Satoshi: The Collected Writings of Bitcoin Creator Satoshi Nakamoto Blockchain Is About to Destroy a Centuries-Old Industry - John Katsos on Medium And of course: follow the Clarity project (@theclrtyproject) on social media channelsfor various articles & blogs (incl Medium) 35

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37 Material Download Session slides can be found on the QuickBooks Connect agenda page 1) Find the session on the agenda 2) Select + for more information 3) Download PDF of slides 37

38 WiFi: QBConnect Password not required