The Healthy Relationship Between Blockchain Technology and The Accounting Profession

Blockchain is a foundational change in how financial records are created, kept, and updated. This seemingly disruptive technology creates a kind of ‘universal entry bookkeeping’, where a single entry is shared identically and permanently with every single participant. The use of blockchain for accounting use-cases is hugely promising. From simplifying the compliance with regulatory requirements to enhancing the prevalent double-entry bookkeeping.

Share this Article

Share on facebook
Share on twitter
Share on linkedin

Blockchain is a foundational change in how financial records are created, kept, and updated. This seemingly disruptive technology creates a kind of ‘universal entry bookkeeping’, where a single entry is shared identically and permanently with every single participant. The use of blockchain for accounting use-cases is hugely promising. From simplifying the compliance with regulatory requirements to enhancing the prevalent double-entry bookkeeping.

More importantly, firms such as MTN Group, and Standard Chartered Bank across the globe are keenly looking into this technology that is dubbed the next thing after the inception of the internet. According to Juniper Research, blockchain technology is being considered by more than half of big corporations. It found that 57 percent of large corporations with more than 20,000 employees, were either actively considering or in the process of deploying blockchain.

The key features of blockchain are that:

  1. New transactions originate with one user but propagate to a network of identical ledgers, without a central controller;
  2. All transactions and records are permanent, unable to be tampered with or removed; and
  3. Many blockchains are programmable, allowing for automation of new transactions and controls via ‘smart contracts’.

The noble accounting profession is not immune from challenges.

Below are some of the current challenges in modern accounting

  1. The current regime relies upon managers to swear that their books are in order. American International Group (AIG), Lehman Brothers, WorldCom, Tyco, and Toshiba show management does not fully act with integrity.
  2. Human error is a leading cause of accounting mistakes, according to Accounting Web, nearly 28% of professionals reported that people plugged incorrect data into their firm’s enterprise system.
  3. New rules such as Sarbanes-Oxley have done little to curb accounting.
  4. Traditional accounting methods can’t reconcile new business models.

In light of the aforementioned challenges of the accounting profession, blockchain technology provides us with immense hope geared towards strengthening the very values that make the profession relevant; trust, integrity, confidentiality, and accuracy. Opportunely, blockchain has the potential to enhance the accounting profession by reducing the costs of maintaining and reconciling ledgers and providing absolute certainty over the ownership and history of assets.

Below are some of the key ways blockchain technology can be applied to the accounting profession

Interestingly, blockchains enable impeccable record keeping. They can be used to create a clear and traceable timeline of who did what and when. Blockchain-enabled record keeping will hugely relieve auditors or bookkeepers of the challenges that emanate in their attempt to interpret the past. In contrast, the ability of blockchain to record everything accurately may make accountants surplus to requirements.

Furthermore, instead of keeping separate records based on transaction receipts, companies can write their transactions directly into a joint register, creating an interlocking system of enduring accounting records. With blockchain technology, all entries are distributed and cryptographically sealed, and falsifying or destroying them to conceal activity is practically impossible.

To auditors, auditing is not just checking the detail of parties in a transaction and the monetary amount involved, but also how it is recorded and classified. Blockchain technology makes these activities fewer challenges.  Auditors will have more time to focus on these questions such as “If a transaction credits cash, is this outflow due to cost of sales or expenses, or is it paying a creditor, or creating an asset?”.

In light of integrity, blockchain makes it possible to prove the integrity of digital files with immense ease. This is executed by generating a hash string that represents the digital fingerprint of the digital file. Then again, that fingerprint is immutably timestamped by writing it into a block of chains through a transaction. Subsequently, the integrity of such a transaction can be proven by comparing fingerprints for records retrieval.

Furthermore, blockchain technology allows for “smart contracts” in collaboration with the assistance of artificial intelligence (i.e. automation). For example, setting up an invoice to automatically pay for itself after confirming the receipts of goods in consultation with the firms’ bank accounts involved. It is more than important to note that firms must be mindful of the rationale for implementing or integrating blockchain technology into their business structures.

Below are some of the challenges where blockchain might be an appropriate solution for a firm

  1. Firms where several participants don’t have institutional trust in one another;
  2. Firms where the desire to work without an intermediary (either because of cost or because one isn’t available) is needed; and
  3. Firms where the need for a complete definitive log of transactions is paramount

In the end, blockchain has a huge tendency of becoming a foundational technology. It is also evident that blockchain has a positive implication for the noble accounting profession. Clearly, it will take years –possibly even decades- for blockchain to be reasonably and fully developed, standardized, and integrated into the fabric of the internet and financial systems.

Leave a Reply

Your email address will not be published. Required fields are marked *

Non-fungible Tokens (NFTs) and Marketing

The inception of Non-fungible Tokens (NFTs) has challenged professional marketers to know and excel in their abilities to market them.

Amin Ayarnah

September 12, 2022

Subscribe to Our Newsletter

Contact Us

Office Address

Dome Pillar Two Road
Apartment Residency (1st Floor, B8)
Accra, Ghana

© 2023 — Rumis Engage Consulting. Designed by MOH Digital.  


Privacy Policy

Protecting your private information is our priority. This Statement of Privacy applies to and Rumis Engage and governs data collection and usage. For the purposes of this Privacy Policy, unless otherwise noted, all references to Rumis Engage include The Rumis Engage website is a digital marketing, blockchain and educational site. By using the Rumis Engage website, you consent to the data practices described in this statement.

Collection of your Personal Information
In order to better provide you with products and services offered on our Site, Rumis Engage may collect personally identifiable information, such as your:
First and Last Name, Mailing Address, E-mail Address, Phone Number
If you purchase Rumis Engage’s products and/or services, we collect billing and credit card information. This information is used to complete the purchase transaction.
We do not collect any personal information about you unless you voluntarily provide it to us. However, you may be required to provide certain personal information to us when you elect to use certain products or services available on the Site. These may include: (a) registering for an account on our Site; (b) entering a sweepstakes or contest sponsored by us or one of our partners; (c) signing up for special offers from selected third parties; (d) sending us an email message; (e) submitting your credit card or other payment information when ordering and purchasing products and services on our Site; (f) submitting an event submission form to request food truck booking assistance with your event.
To wit, we will use your information for, but not limited to, communicating with you in relation to services and/or products you have requested from us. We also may gather additional personal or non-personal information in the future.

Use of your Personal Information
Rumis Engage collects and uses your personal information to operate its website(s) and deliver the services you have requested. Rumis Engage may also use your personally identifiable information to inform you of other products or services available from Rumis Engage and its affiliates.

Sharing Information with Third Parties
Rumis Engage does not sell, rent, or lease its customer lists to third parties. Rumis Engage may, from time to time, contact you on behalf of external business partners about a particular offering that may be of interest to you. In those cases, your unique personally identifiable information (e-mail, name, address, telephone numbers) is transferred to the third party.
Rumis Engage share data with trusted partners to help perform statistical analysis, send you email or postal mail, provide customer support, or arrange for deliveries. All such third parties are prohibited from using your personal information except to provide these services to Rumis Engage, and they are required to maintain the confidentiality of your information.
Rumis Engage may disclose your personal information, without notice, if required to do so by law or in the good faith belief that such action is necessary to: (a) confirm to the edicts of the law or comply with legal process served on Rumis Engage or its site; (b) protect and defend the rights or property of Rumis Engage; and/or (c) act under exigent circumstances to protect the personal safety of users of Rumis Engage, or the public.

Tracking User Behaviour
Rumis Engage may keep track of the websites and pages our users visit within Rumis Engage, in order to determine what Rumis Engage services are the most popular. This data is used to deliver personalised content and advertising within Rumis Engage to customers whose behaviour indicates that they are interested in a particular subject area.

Automatically Collected Information
Information about your computer hardware and software may be automatically collected by Rumis Engage. This information can include: your IP address, browser type, domain names, access times and referring website addresses. This information is used for the operation of the service, to maintain quality of the service, and to provide general statistics regarding use of the Rumis Engage website.

Use of Cookies
The Rumis Engage website and its third-party advertising vendors may use “cookies” to help you personalize your online experience. A cookie is a text file that is placed on your hard disk by a web page server. Cookies cannot be used to run programs or deliver viruses to your computer. Cookies are uniquely assigned to you and can only be read by a web server in the domain that issued the cookie to you.
One of the primary purposes of cookies is to provide a convenience feature to save you time. The purpose of a cookie is to tell the Web server that you have returned to a specific page. For example, if you personalize Rumis Engage pages or register with the Rumis Engage site or services, a cookie helps Rumis Engage to recall your specific information on subsequent visits. This simplifies the process of recording your personal information, such as billing addresses, shipping addresses, and so on. When you return to the same Rumis Engage website, the information you previously provided can be retrieved, so you can easily use the Rumis Engage features that you customized.
You have the ability to accept or decline cookies. Most Web browsers automatically accept cookies, but you can usually modify your browser setting to decline cookies if you prefer. If you choose to decline cookies, you may not be able to fully experience the interactive features of the Rumis Engage services or websites you visit.
We also utilize cookies for our personalized third-party advertising. Should you like to opt out of a third-party vendor’s use of cookies for personalized advertising, visit

This website contains links to other sites. Please be aware that we are not responsible for the content or privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of any other site that collects personally identifiable information.

Security of your Personal Information
Rumis Engage secures your personal information from unauthorized access, use, or disclosure. Rumis Engage uses the following methods for this purpose:

SSL Protocol
When personal information (such as a credit card number) is transmitted to other website, it is protected through the use of encryption, such as the Secure Sockets Layer (SSL) protocol. We strive to take appropriate security measures to protect against unauthorized access to or alteration of your personal information. Unfortunately, no data transmission over the Internet or any wireless network can be guaranteed to be 100% secure. As a result, while we strive to protect your personal information, you acknowledge that: (a) there are security and privacy limitations inherent to the Internet which are beyond our control; and (b) security, integrity, and privacy of any and all information and data exchanged between you and us through this Site cannot be guaranteed.

Children Under Thirteen
Rumis Engage does not knowingly collect personally identifiable information from children under the age of thirteen. If you are under the age of eighteen, you must ask your parent or guardian for permission to use this website.
Opt-Out & Unsubscribe from Third Party Communications
We respect your privacy and give you an opportunity to opt-out of receiving announcements of certain information. Users may opt-out of receiving any or all communications for third-party partners of Rumis Engage by contacting us here:
Phone: +233 (55) 071 1114

Email Communications
From time to time, Rumis Engage may contact you via email for the purpose of providing announcements, promotional offers, alerts, confirmations, surveys, and/or other general communication. In order to improve our Services, we may receive a notification when you open an email from Rumis Engage or click on a link therein. If you would like to stop receiving marketing or promotional communications via email from Rumis Engage, you may opt out of such communications by clicking “Unsubscribe” at the bottom of the received emails, or contacting Rumis Engage via email.

External Data Storage Sites
We may store your data on servers provided by third party hosting vendors with whom we have contracted.

Changes to this Statement
Rumis Engage reserves the right to change this Privacy Policy from time to time. We will notify you about significant changes in the way we treat personal information by sending a notice to the primary email address specified in your account, by placing a prominent notice on our site, and/or by updating any privacy information on this page. Your continued use of the Site and/or Services available through this Site after such modifications will constitute your (a) acknowledgement of the modified Privacy Policy; and (b) agreement to abide and be bound by that Policy.

Contact Information
Rumis Engage welcomes your questions or comments regarding this Statement or Privacy. If you believe that Rumis Engage has not adhered to this Statement, please contact Rumis Engage at:
Rumis Engage
GE-346-3507, Dome Pillar Two Road,
Apartment Residency (1st Floor, B8),
Accra – Ghana
Email address:
Phone: +233 (55) 071 1114, Effective as of 23rd December 2021


Cookie Policy

This document sets out the terms of use of cookies on Rumis Engage website, explains the purposes for which cookies are used, and describes the rights of users of the website to modify and select the use of cookies according to their needs.

Cookies are needed to provide and improve Rumis Engage digital services, as well as to ensure that the information provided by the users is kept confidential and in a proper manner. Rumis Engage shall take appropriate security measures to prevent unauthorized access, disclosure, modification, or the unauthorized destruction of data provided by users in the form of cookies.

How Rumis Engage uses cookies
When you use and access the Service, we may place a number of cookies files in your web browser. We use cookies for the following purposes: to enable certain functions of the Service, to provide analytics, to store your preferences, to enable advertisements delivery, including behavioral advertising. We use both session and persistent cookies on the Service and we use different types of cookies to run the Service. We may use essential cookies to authenticate users and prevent fraudulent use of user accounts.

How to control cookies
You can control and/or delete cookies as you wish – for details, see You can delete all cookies that are already on your computer and you can set most browsers to prevent them from being placed. If you do this, however, you may have to manually adjust some preferences every time you visit our website or use our Platform and some services and functionalities we offer may not work.

Where can you find more information about cookies
You can learn more about cookies and the following third-party websites:
all about Cookies: