Characteristic | Differences from current technology | Applications for CPAs |
Decentralized | Yes, fundamentally different from centralized technology, financial, and data management systems | No central oversight or resolution authority for disputes or possible fraud activity |
Consensus | No central approver or verifier of information, instead network members verify data as it is uploaded | As data is uploaded, members of the network it is verified continuously by other network members |
Encrypted | The encryption is a integral component of blockchain technology, specifically the 256 bit protocol of the Bitcoin blockchain | To date, the encryption associated with the blockchain has yet to be hacked |
New technologies | Flexibility of blockchain allows for different applications and iterations to leverage this technology | Traditional technology tools operate in siloed environment, and are not compatible with other platforms |