(MENAFN- The Peninsula) The Doha Chapter of the Institute of Chartered Accountants of India (ICAI) conducted a 5-day Certification Course on 'Blockchain Technology for Professional Accountants at Doha Bank Auditorium in collaboration with Digital Accounting and Assurance Board of ICAI New Delhi.
Rukkaiya Pachisa, Chapter Chairperson welcomed the participants and outlined the importance for finance professionals to be tech-savvy and stay updated in line with the technological evolutions and digital transformation that are affecting the jobs and functions of finance professionals in a significant manner.
Dr. R. Seetharaman, Group CEO Doha Bank, graced the occasion with his presence and explained to the participants the impact of Industry 4.0 and provided insight into new concepts like data analytics, cloud computing, Internet of things and blockchain.
The course was conducted by two expert faculties — Hemant Singh and Narasimhan Elangovan. Hemant touched upon technical side of the blockchain by explaining essential elements and characteristics of the blockchain: cryptography, peer to peer network, distributed ledger technology, and hash and smart contracts.
He also explained use cases of the blockchain in various finance functions like trade finance, KYC and identity management and reporting to identify its suitability for the organisation. He also demonstrated practical use and functions of the blockchain by explaining the Ethereum and building blocks.
Hemant also illustrated the smart contract and explained how it differs from the traditional contracts. Narasimhan Elangovan, touched upon functional aspects of blockchain and comprehended the areas where the usage of blockchain can result in a substantial cost and time advantage.
He analysed sectoral impact of blockchain on various business segments and assessed blockchain from regulatory, governance, risk, and control aspects. He also discussed global business scenario and some of the analytical tools of blockchain in an interesting manner. He predicted that while there will be a paradigm shift in the jobs and functions of the accounting field, the emergence of the new technology will also pave way for many opportunities.
The Vote of Thanks was offered by Nirlep Bhatt, Chapter Secretary, who thanked the members for positive response and enthusiastic participation. He also offered gratitude to ICAI, faculties and Doha Bank for their generous and invaluable support.
The participants, representing diverse spectrum of industries, appreciated rich contents of the course, resourceful faculties, interactive learning methodology and an effective brainstorming on various cases. They rated it as a high-quality course with wonderful learning opportunity provided by the chapter.
The Doha Chapter of ICAI is the oldest among the 33 overseas chapters of the Institute of Chartered Accountants of India. The Chapter is actively involved in enhancing and updating the professional knowledge of its members, local professionals and non-members. Doha Chapter of ICAI is the first professional membership body to be registered with Qatar Financial Centre.
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