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)

Reduction in transparency and trust in transactions

Increased energy usage for businesses

Limiting new business ideas

Efficiency boost and trustworthy transactions (correct)

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

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

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