Brace yourself for AI and blockchain

At first glance, the threats seem clear: One type of software will learn how to perform all manner of business functions, particularly in finance and accounting, while another will continuously validate any set of data or information. Between them, artificial intelligence and blockchain seem poised to disrupt -- or even destroy -- many of the core businesses of the accounting profession, automating or rendering irrelevant important traditional services like the audit. But while there can be little doubt that they will eliminate the need for human beings to perform many of the individual functions traditionally associated with accountants, both in public practice and in industry, they will certainly not eliminate the profession's overall role, or its importance. In fact, both AI and blockchain have the potential to help accountants actually boost their revenue, their relevance and their value -- provided they're willing to develop the necessary skills, and change their mindsets. Understanding why each of these two emerging technologies is less of a threat and more of an opportunity than they might seem requires a separate, deeper dive into each, as they're going to have different impacts on the profession, over different time horizons.