Blockchain, which is a distributed ledger that is considered a highly secure database that stores and accurately records data (Bernard, 2020). It enabled smart contracts, protecting and transferring ownership of assets, and verifies peoples identities and credentials. An article from Wall Street Journal describes how regulated financial institutions are well positioned to harness the revolutionary technology of Blockchain. Recently, there has been many cases of fraud in Crypto currency, however, this article is still views blockchain as a promising technology if allowed to innovate under the right conditions. Cryptocurrencies are only one of blockchains many applications. It is recommended that companies build strong relationships with government and policy stakeholders to mitigate risk and build proper controls.

Blockchain technologies such as peer-to-peer payments and the tokenization of traditional assets are changing corporations, from how they raise money to how investors trade stocks (Solomon, 2022). Goldman Sachs has built a tokenization platform where clients can trade with each other in minutes, versus days, making their work more efficient and lowering costs for issuers, investors, and regulators (Solomon, 2022). The company is using self-executing smart contracts, whose trade terms and settlement instructions are written directly into the program code (Solomon, 2022). This reduces the risk that either party will fall short of meeting their end of the bargain and build even more confidence in the financial system. With the use of tokenization, blockchain can make the financial system more accessible to participate in real-estate investment funds (Solomon, 2022).

Blockchain has significant implications for accounting and finance professionals because it has broad applications in accounting and financial records. Overall, it benefits businesses by reducing costs, increasing traceability, and enhancing security (Bernard, 2020).