As blockchain becomes more mainstream, it is appropriate to focus on how this technology intersects with an entity’s internal control. With careful implementation and integration of blockchain, the distinctive capabilities of blockchain can be leveraged to create more robust controls for organizations. Further, blockchain-enhanced tools have the potential to:
Promote operational efficiency and effectiveness
Improve reliability and responsiveness of financial and other reporting
Improve compliance with laws and regulations
At the same time, blockchain creates new risks and the need