Blockchain: Dead or Just Evolving?

Accounting ARC hosts examine blockchain’s future in accounting and beyond. 

Blockchain is not dead—but its role in accounting and business may be different than many once imagined. That’s the consensus from the latest episode of Accounting ARC, where hosts Liz Mason, CPA; Donny Shimamoto, CPA.CITP, CGMA; and Byron Patrick, CPA.CITP, CGMA; dive into whether blockchain still matters and where real opportunities for its use remain. 

A Technology Beyond the Hype
Early blockchain promises sparked excitement about eliminating audits and creating fully transparent financial systems. However, Mason, CEO for High Rock Accounting, notes, the reality of implementing blockchain for every financial transaction—across every bank, general ledger system, and credit card processor—is nearly unworkable today. “The execution form is almost impossible,” she says. 

Blockchain’s Stronger Future Outside of Accounting
Patrick, CEO of VERIFYiQ and co-founder of TB Academy, highlights that many early blockchain use cases, from medical records to voting systems, failed to take off. Even in areas like property titles, widespread adoption remains elusive. Yet both Mason and Shimamoto, founder and managing director of IntrapriseTechKnowlogies LLC and founder and inspiration architect for the Center for Accounting Transformation, agree that blockchain continues to show promise outside traditional accounting, particularly in supply chain management, international payments, and voting security. 

Why Adoption Remains a Challenge
According to the trio, blockchain’s mass adoption is unlikely without regulatory changes or a major technological breakthrough. Mason explains that blockchain fundamentally changes how business and accounting are done, requiring much more than a simple technological swap—it demands a complete mindset shift. 

Private Blockchains Hold the Key
Shimamoto believes private, enterprise-specific blockchain implementations may deliver the greatest value today. “Within a business, blockchain can track the chain of custody, validate activity, and reduce fraud,” he explains, without needing the mass consensus that public blockchain systems require. 

The Verdict: Blockchain Isn’t Dead, It’s Evolving
Blockchain still offers immense potential, especially when paired with emerging technologies like AI and Web3. But accountants and business leaders must rethink processes—and human behavior must catch up to technological possibility. 

As Mason concludes, “Historically, every new technology that’s changed our industry took a long time to gain traction. Blockchain may follow that same path.” 

Watch the full episode now. 

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