How Can Blockchain Increase Your Profit In Banking?

Every industry is revolutionising by technology in the digital economy and has resulted in drastic changes. The banking industry is no different. Banks have successfully embraced the future of digitization. We are on the apex of a radical revolution and yet most are unaware. Even those individuals that appreciate the potential of blockchain technology often look no further than bitcoins. Once an individual digs deeper and understands how blockchain functions and its implications they will inevitably realise its importance.Blockchain is a distributed ledger that retains a comprehensive and an unedited record of all relevant information related to a digital transaction. This ledger allows to settle transactions instantly and firmly. Blockchain is a blockbuster in banking as it reduces the length of time it takes to complete a payment and eliminates redundant processes. Blockchain technology has the potential to unsettle banking. In a world where billions of people don’t have access to banks, blockchain technology can have a deep impact. Residents of developing countries with limited access to banking would get a chance to create an account and make transactions at an international level. It will also enable citizens to have a secure and trusted transactions between participants without the need for a centralized monitoring or an intermediary.


It is no surprise that financial institutions are exploring the unique capabilities of blockchain. The financial organizations can also use it to gain improved insight into market moves and increase transparency. Blockchain technology can reduce bank’s infrastructure costs and enable faster processing time. Data management is a big problem in banking, but with the help of blockchain technology, banks can store any type of data, and allow that data to be accessed only according to the predefined rules.Trade finance is a major area within banking that could transform as a result of blockchain technology. The outdated processes in the banking areas need to be updated, in terms of cost and efficiency. Blockchain is the best platform to bring parties together in a secured network without a third party and by making each transaction securely.


Whether it’s payments, quick transactions or transparency, blockchain’s essential properties of efficiency, cost-effectiveness and secure transactions are a few reasons to the growing popularity of this technology across the financial organizations. Blockchain technology is potential enough to change the entire system of the Banking. But a lot more needs to be done for financial organizations and residents to become fully aware of the implications and benefits of blockchain. However, there is no doubt that blockchain technology holds the key to improve the banking system. Utilising this technology can bring many effective benefits in the banking industry.

Professional Accounting Bodies In Australia

What is an accountant? According to the Australian Accountants Directory they are, “a practitioner of accountancy or accounting, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources”(“About Accountants“). As you may already know, different areas of the world have different professional bodies of accounting.

For example, not every country uses the American Institute of Certified Public Accountants (AICPA). As the name suggests, that’s only used in the United States. Australia however, has three legally recognized local professional accounting bodies; the institute of public accountants (IPA), CPA Australia (CPA), and the institute of chartered accountants of Australia (ICAA).

The IPA has been around since 1923 and continues to grow in the organization today. After 90 years it currently sits more than 26,000 members and students across 64 countries and is ranked in the top professional accounting bodies in the world (“Institute of Public Accountants“). They acquired a full membership of the International Federation of Accountants (IFAC) in 2005 as well as the Confederation of Asian and Pacific Accountants (CAPA) in 2011. They are really working towards building relationships and exchanging knowledge overseas. They are innovative in everything that they do as they already are recognized as one of the top 20 in BRW’s most innovative companies in Australia list for 2012. The IPA has three levels of membership, Associate (AIPA), Member (MIPA), and Fellow (FIPA). An Associate membership requires one to have an Australian Advanced Diploma of Accounting or a Bachelor’s degree in Accounting that can be Australian or equivalent in nature. MIPA membership requires Australian Advanced Diploma of Accounting, two years of pre-IPA program full-time work experience in accounting or related fields and a mentored experience program. A FIPA membership requires 7 years’ MIPA status or equivalent and 10 years’ experience in accounting the last five years have to be at a senior level (“Institute of Public Accountants“).

According to CPA Australia, they are one of the world’s largest accounting bodies with a global membership of more than 150,000 members working in 120 countries around the world, and with more than 25,000 members working in senior leadership positions (“About Us“). They provide education, training, technical support and advocacy. They were an early entrant in the Asian Market, where their involvement began in the early 1950s and aimed at developing and strengthening the accounting profession in the region. As of today almost one-quarter of CPA Australia’s members reside outside of Australia, with over 35,000 in Asia. They currently have nineteen staffed offices across Australia, China, Hong Kong, Malaysia, Singapore, Indonesia, Vietnam, New Zealand and the UK. To become a member of this program candidates most hold a postgraduate award that is recognized by CPA Australia, and demonstrate competence in the required knowledge areas and, within a six year period, successfully complete the CPA Program (“About Us“). They must also have three years of professional experience in finance, or accounting for business. To offer public accounting services, CPAs must also complete CPA Australia’s Public Practice program, which involves distance learning and a residential component, and must hold a Public Practice Certificate in accordance with the CPA Australia’s by laws.

The ICAA is the professional body representing Chartered Accountants in Australia. They currently have over 50,000 members and 12,000 students(“News and Updates“). In order to become a member of the institute, one has to complete the Chartered Accountants Program which includes study of Graduate diploma in Chartered Accounting (GradDipCA) and three years of practical experience. Entry is available to anyone who holds an accounting degree; however, those holding non-accounting degrees can also be permitted entry after additional requirements are met. If one does become a Chartered Accountant they must complete a total of 120 hours of Continuing Professional Education every three years. The ICAA is a founding member of the Global Accounting Alliance (GAA). Members of this alliance are part of the international accounting coalition of the world’s premier accounting bodies. Chartered Accountants audit 100 percent of the top ASX-listed companies in Australia. They are recognized by the international accounting bodies of the leading financial centers of the world. As of November 2013, the ICAA merged with the New Zealand Institute of Chartered Accountants and are now known as “Chartered Accountants Australia and New Zealand”(“News and Updates“).

Compared to the professional bodies in America the ones in Australia aren’t too different judging from the research. They each go off of the same principals in a sense but there are very few minimal things that are different.

Works Cited

“About Accountants.” Australian Accountants Directory / Australian Accountants Directory / Accountants. N.p., n.d. Web. 07 Apr. 2015.

“About Us.” CPA Australia -. N.p., n.d. Web. 03 Apr. 2015.

“Institute of Public Accountants.” Institute of Public Accountants. N.p., n.d. Web. 07 Apr. 2015.

“News and Updates.” Chartered Accountants Australia and New Zealand. N.p., n.d. Web. 05 Apr. 2015.

 burgh.us gvepus.gq wzvvus.gq yaysus.gq wvjsus.gq rmomus.cf umvfus.gq xqqxinfo.cf yssyinfo.cf fcctinfo.cf ejcoinfo.cf vsieus.cf vsibus.cf qffqinfo.gq istxus.cf oxininfo.gq zqqzinfo.gq quiuus.cf mzzminfo.gq swwsinfo.gq jyyjinfo.gq uoraus.cf oixous.cf mwwminfo.gq mzivinfo.gq qiwqus.cf tmaitinfo.gq swnsainfo.gq usafus.cf ufurus.cf nutkus.cf olichinfo.gq acggus.cf iuezninfo.gq ikdbus.cf ijgzus.cf sozeiinfo.gq hdmjinfo.cf mcclinfo.gq azxjorg.gq nyatyinfo.cf ioziorg.gq ruezorg.gq digriinfo.cf tovyainfo.cf rjjrinfo.cf jjtjinfo.cf qggqinfo.cf atcininfo.cf hhguus.cf lntoorg.gq ablxorg.ga gazcorg.gq vefcorg.gq cflxbo.cf exuzinfo.ga nslubiz.ga ucsmbiz.ga vefcbiz.ga tmiqbiz.ga zoapcom.ga zddzinfo.gq ousnus.gq secbkinfo.gq kbsexinfo.gq clsicinfo.gq nctgainfo.gq jncavinfo.gq milekinfo.gq mcsplinfo.gq nyatyinfo.gq knnkinfo.gq zhhzinfo.gq dlcain.ga fzuecom.ga ulrucom.ga vsiborg.gq absolum-guild.com qiwqeu.ga ufoieu.ga azxyin.cf yihycom.gq waxyin.cf woixorg.cf afajeu.ga udskeu.ga quiueu.ga boizorg.cf kibzorg.cf nbtrcu.cf vfkreu.gq vnbreu.gq gosfeu.gq ureveu.gq gwzaeu.gq ibufeu.gq akeiof.ga xortbo.cf asmibo.cf baugbo.cf ccymof.gq xgiof.gq cpwfof.gq uutrof.gq plodof.gq mymiof.gq unpcof.gq rexyof.gq itzzof.gq asecof.gq mpfxof.gq bofdof.gq apiqof.gq imzeof.gq bbbjof.gq ctokof.gq zepaof.gq yugnof.gq ycsxof.gq gsfhof.gq gpusad.gq fxusal.gq hhusup.gq fduslo.gq fxusaw.gq gpusrd.gq fxusam.gq mzaxbiz.ga zoapbiz.ga ccilbiz.ga oclgbiz.ga dzzbinfo.ga hwfueu.ga ulsleu.ga dimgbo.cf o13.mx dolphin-techtz.com mvtfbiz.us lnahbiz.us suzxbiz.us bo8.info we8.info thxabiz.us tufdbiz.us nslubiz.us mzaxbiz.us obmbbiz.us mvpjbiz.us qaeqbiz.us axazbiz.us grlvbiz.us pducbiz.us jjwebiz.us qfexbiz.us okhwbiz.us oquabiz.us yidnbiz.us edlnbiz.us ilskbiz.us zrekbiz.us gapzbiz.us iebdbiz.us sizxbiz.us iazabiz.us trdvbiz.us yirtbiz.us obiznbiz.us zcavbiz.us gyxibiz.us tszebiz.us cbirbiz.us kiarbiz.us epcgbiz.us ygodbiz.us gazcbiz.us indrbiz.us oltpbiz.us qebbbiz.us jgelbiz.us xmnvbiz.us ewodbiz.us rmombiz.us kvrybiz.us smnebiz.us zamvbiz.us nvglbiz.us dowlbiz.us dokgbiz.us zwekbiz.us jkeybiz.us weombiz.us elpxbiz.us qifmbiz.us qrarbiz.us fvrdbiz.us pgtobiz.us qdopbiz.us qisqbiz.us udhmbiz.us txuybiz.us ubtpbiz.us