TechTalk Blog -- Blockhain Technology Has an Opportunity to Revolutionize Governemnt Services -- Management Accountants Can Play a Role in this Transformation

By David Colgren posted 01-02-2017 10:48 AM

  

Great article on Blockchain technology, cloud shared public ledgers and how it can be used for state, local and federal government to provide new services to the public.

Premise: Blockchain technology can be applied using distributed public record technology that can be directed to a wide range of urban applications to assist the public and distribute resources to meet public need using peer-to-peer collaboration. Management accountants can play a role in activating this new technology.

The article spotlights an energy startup in Perth, Australia that is doing a trail peer-to-peer technology solution that would allow consumers to offer excess energy, available through their solar panels, on a Blockchain. Clever code matches the suppliers with consumers without the need to go through the energy provider resulting a new “public shared economy”.

Uber and Airbnd for example use this same technology concept – the ability to utilize the existing assets owned by people, that has been paid for, but which new value can be derived by connecting to public to these needed assets providing value to the business owner and the public at an acceptable, reasonable cost-effective price.

The same is now being applied to food services – but what about medical services or other professional services liking accounting, management consulting, public relations, auditing, public service not is use?

Clearly technologies like blockchain can open the path to more effective utilization of both physical and human services to provide better services to the public.

XBRL (a global accounting derived technology data tagging solution linked to accounting rules and definitions supported by the IMA) offers the ability inside blockchain technology for the ability to look at even more detailed financial/business data for immediate machine-readable analysis for better allocation of services that can be used by government to provide better, faster services. For example, Management accountants can play an effective role in creating and tagging these data definitions used inside blockchain technology.

As the article points out:

“Effectively, these companies (and government) set up digital platforms that harnessed “excess capacity” and relied on other people to deliver the services.”

Blockchain technology offers a new opportunity to expand this concept by using cloud shared ledger technology for a new “public shared economy”. Management accountants can move accounting and financial analytic services in this expanding marketplace – especially in the area of government services.

Stay tuned.



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