Blockchain Technology

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Questions and Answers

What are the challenges accountants might face due to blockchain technology?

  • Blockchain will eliminate the need for professional judgment in accounting
  • Blockchain technology will reduce the speed of transactions
  • Accountants will no longer be needed in the industry
  • Roles of accountants might change and they may need to develop new skills (correct)

What is one of the opportunities of blockchain technology mentioned in the text?

  • Reduction in transparency and trust in transactions
  • Increased energy usage for businesses
  • Limiting new business ideas
  • Efficiency boost and trustworthy transactions (correct)

What is a challenge related to the context of blockchain technology mentioned in the text?

  • Blockchain technology is universally beneficial for all types of businesses
  • Blockchain technology does not pose any security risks
  • Small companies might not benefit as much, and not everyone needs a blockchain (correct)
  • Blockchain technology requires minimal energy usage

What is a concern regarding the theoretical framework of blockchain technology mentioned in the text?

<p>The growth of blockchain technology has not led to the building of a corresponding regulatory framework (A)</p> Signup and view all the answers

What is mentioned as a security risk associated with blockchain technology in the text?

<p>There are still risks like cyberattacks and potential flaws in smart contracts (C)</p> Signup and view all the answers

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