technologies like ai and web3 could eventually unlock blockchain’s full potential.
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accounting arc
with liz mason, byron patrick, and donny shimamoto
center for accounting transformation
is blockchain dead? in a thought-provoking accounting arc, hosts liz mason, cpa, and donny shimamoto, cpa.citp, cgma; and byron patrick, cpa.citp, cgma; tackle the pressing question and brainstorm other blockchain applications.
the short answer is no—but the landscape has changed.
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when blockchain first entered mainstream conversation, it was hailed as a transformative tool capable of revolutionizing financial reporting, auditing, and recordkeeping. however, according to mason, ceo of high rock accounting, the execution challenges are enormous.
“we would have to infiltrate every bank, credit card processor, and gl system,” she says. “it’s just insurmountable as it currently exists.”
shimamoto, founder and managing director of intraprisetechknowlogies llc and founder and inspiration architect for the center for accounting transformation, agrees, noting that while the concept remains powerful, the practicality for mass financial transaction verification is “feasibly impossible” without sweeping systemic change.
patrick, ceo of verifyiq and co-founder of tb academy, reflects on early hopes for blockchain use in medical records, voting systems, and property titles—sectors where secure, immutable records could theoretically be game-changing. yet today, he says, few such systems have materialized beyond cryptocurrency.
“i don’t even know if walmart still uses blockchain in supply chain tracking,” patrick muses. “we just haven’t seen widespread adoption outside of crypto.”
shimamoto sees hope in private, enterprise-specific blockchain applications. “when you don’t need mass adoption and can control the ecosystem,” he explains, “blockchain can bring real benefits, like traceability in supply chains or fraud prevention within organizations.”
this distinction between public blockchains and private implementations, he says, could pave the way for more practical, targeted uses.
mason adds that for blockchain to transform accounting, the profession must fundamentally rethink how it views information and transactions. unlike the transition from paper to digital ledgers, blockchain demands a new conceptual framework—one many aren’t ready for.
“end users must be willing to adopt a completely different way of understanding accounting,” mason explains. “until then, mass adoption remains unlikely.”
despite the obstacles, all three hosts agree blockchain is far from dead. it remains a powerful, if currently underutilized, technology. and history shows that major shifts in accounting technology—such as digital ledgers—can take decades to fully mature.
“we’re not saying goodbye to blockchain,” shimamoto concludes. “we’re just waiting for the right opportunity—and the right mindset—to unlock its full potential.”
10 key takeaways
- blockchain’s hype phase is over; realistic evaluations are underway.
- execution challenges limit blockchain’s use in financial systems today.
- supply chain management remains a top blockchain opportunity.
- private blockchains may deliver greater short-term value than public ones.
- true blockchain accounting adoption demands a rethink of business processes.
- blockchain has major potential for secure voting and medical records systems.
- regulatory pressure could drive broader blockchain adoption.
- emerging tech like ai may improve blockchain’s querying/reporting weaknesses.
- crypto remains blockchain’s only widespread application—for now.
- blockchain evolution will be slow, but its potential is significant.