ThinkTWENTY20

According to Market Research Future, the value of the Web3 blockchain technology sector will exceed $6 trillion in 2023, and from 2023 to 2030, Web3 will expand at a CAGR of 44.6%.

It’s seems clear where Blockchain is on the hype cycle. We already went through the initial hype. Then for many, the collapse of cyber currencies this year has brought on a trough of disillusionment. However, after that we have in the Gartner Hype Cycle a period of enlightenment, which may be represented by the Web3 phenomenon as well as a host of other emerging applications of Blockchain. Finally, the new technology settles into a period of productivity, when the usefulness of it is established and it is used in a growing and vibrant new field. This also seems to be where Web3 is taking us.

The latest Newsletter from the Blockchain Council, available on linkedin, sets out the future of Web3 in more detail.

Hyperautomation is a data-driven approach that organizations are beginning to use to automate as many business and IT processes as possible. It involves orchestrating the use of such technologies as artificial intelligence, machine learning, robotic process automation (RPA) and other advanced technologies. While hyperautomation is gaining attention among IT Executives and companies generally, broad implementation is beyond the reach of many organizations because it involves extensive planning, and collection, verification and structuring vast amounts of data as well as implementing or integrating the technologies that often are new to them such as AI, RPA and ML.

Nevertheless, these hurtles do not mean that planning for hyperautomation should not be undertaken. This would mean mapping out potential processes to be included in the project, identifying data sources and data preparation issues and identifying and evaluating the potential advances technologies to be included.

Such a planning process will be a large undertaking, but since hyperautomation is gaining steam, now is the better time to begin planning for it rather than waiting until it needs to be done under pressure for competitive reasons.

There is much further reading available, including for example, this paper from Deloitte.

By David Hardidge, CPA, Technical Director, CPA Australia Centre of Excellence for Digital Transformation

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David provides expert, authoritative leadership on financial reporting and the audit response in the not-for-profit and for-profit sectors. He is technical director at an Australian state government Auditor-General’s office and has extensive experience in accounting advisory functions of large accounting firms providing advice, insights and explanations on Australian accounting and International Financial Reporting Standards and external financial reporting requirements for the public and private sectors. David has been promoting the use of digital financial reporting for over 20 years and served on the XBRL International Inc Steering Committee during its early years.  David is a member of the CPA Australia Centre of Excellence for Digital Transformation and was member and chair of the CPA Australia COE for Financial Reporting.
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Is cash-in-transit cash?  No, I do not mean cash in armoured cars in transit around the city. I mean funds in the banking system that are in transit to you and settled after a delay. Do you know the implications of this question may upend decades of accrual accounting for cash in the balance sheet and how you do bank reconciliations?

What Is Cash-In-Transit?