Blockchain Promise to Revolutionize Accounting Hits Reality Wall

Blockchain a year ago seemed poised to revolutionize accounting.

Today the technology has divided the profession over how to make it work not just for accounting, but for the capital markets that demand fast, accurate financial information.

There is plenty of ground to cover before the tool could become an accounting reality.

The accounting industry has yet to reach a consensus on the structure and design of the distributed ledger systems. Who would verify corporate accounting information? Terminology? Even which specific accounting tasks should be shared to a blockchain—and which shouldn’t—is all up for debate.

Getting the technology right is ...