Blockchai

n
Presented By :
Chew Mei Yan 1802786
Chong Xiao Wei 1802758
Lee Kai Wen 1803950
Low Sher Lyn 1804152
Tau Li Bing 1801817
Tong Jin Wen 1802677
 INTRODUCTION

 Changes from IR 1.0 to IR 4.0

 Industrial Revolution 1.0 – steam power and mechanisation
 Industrial Revolution 2.0 – discovery of electricity and assembly
line production
 Industrial Revolution 3.0 – Partial automation using memory
programmable
 Industrial Revolution 4.0 – Internet of Things (IoT)

Presented by : Chew Mei Yan

 PART 1
What is Blockchain?
 What is Blockchain?

DESCRIBTION
- a digital ledger that records transactions between parties during a network
- individuals or businesses using the shared database are "nodes" connected to
the blockchain
- a transaction that represents the exchange useful between participants like
digital assets that represent rights, obligations, or ownership
- known as consensus algorithms
- Each block contains information that points to the previous block
- Thus, a functioning blockchain is immutable, despite the shortage of a
central administrator.

Presented by : Tau Li Bing

 PART II
- Improve thrust and
prevent fraud
- Opportunities or
threat
Does the implementation of Blockchain create an opportunity for fraud?

No

-Benefits of the blockchain:

1. Enhance the security of transactions and data exchanges
2. Quality of communication
3. Predictability of trading partners
4. Transforms economic transactions into potentially Trust-free
transactions
5. Help SMEs obtain funding

The 5 benefits can be summed up into one phrase : improve trust

Presented by : Low Sher Lyn

How does Blockchain improve trust? By preventing fraud!

- Insurance companies face double-dipping (fraud)

- Client claiming insurance for the same accident by registering several insurance
policies for the same vehicle.
- Blockchain involves every insurance companies
in the same node of the network, and companies
can check in the system for information
regarding the registration of the same vehicles
for the insurance policies from other companies.
- Insurance companies will be able to trust their
client more as the risk of fraud is low.

Presented by : Low Sher Lyn

 BlockChain : THREAT OR
OPPORTUNITIES?
• Creates opportunities to streamline their
processes by reducing the costs of maintenance
and reconcile ledgers.
• Transparency of the blockchain –
able to reduce the need for trust makes it
transformative in finance
• Provide clarity over ownership of the available
resources and the existence of obligations
• improves efficiency on regulatory compliance
but also reducing fraud and error at the same
time.

Presented by : Lee Kai Wen

 BlockChain : THREAT OR
OPPORTUNITIES?
• Records provided are all accurate and trustworthy

• Most secure system of online file storage

• Information will not be accessible to anyone

without authorization

• Data will not be deleted or destroyed by human beings

Presented by : Lee Kai Wen

Conclusion
 Conclusion: Changes in accounting and auditing
environment through implementing Blockchain.

Advantages Adverse

o Useful tools for reducing fraud

o Additional works for
activities
auditor to verify the
o Transaction recorded cannot be
information of the
altered due to
blockchain with the physical
cryptographically sealed
world
o All the transaction’s o Auditors are unable to
information are transparent
verify the ownership of the
and visible
recorded transaction
o Auditor able to get information
or documents directly without
requesting the audited
company

Presented by : Chong Xiao Wei

Conclusion: Blockchain creates an opportunity!

 Providing secured:
• transaction and data exchange,
• communication quality and, Improve trust /
• predictability of trading partners. confidence level
among businesses
 Opportunities for SMEs to obtain funds from or between client
bank and companies
 Proper solution for double-dipping in insurance
companies
• Prevent clients committing fraud

Presented by : Chong Xiao Wei

 Conclusion: Blockchain creates opportunities to the auditors
and accountants

 Accountant:
 Streamline the process
 Secure the transaction records
 Auditors:
 Save time and do more detailed
planning and valuation for audit work

 Blockchain: The most secure online file storage system

 Without central control:
 Information is not accessible to anyone without authorization
 Information are unable to be deleted or destroyed
Presented by : Chong Xiao Wei
THANKYO
U!