Past Impact and Future Implications of the World Wide Web on the Accounting Industry

Abstract

With the initial development of Web 1.0 in 1989, the groundwork was laid out for radical and rapid transformation of an accounting industry which had been slowly evolving over thousands of years. In the late 1990s, with Web 2.0, simple websites and email were eclipsed by innovative accounting software and collaborative online tools. Accountants have taken advantage of these features as many of the lower-level functions are now replaced by value-adding analytics and ongoing communication. The newest version of the World Wide Web, Web 3.0, strives to progress business further with decentralized, blockchain-based applications. Distributed ledger technology, securely storing data in multiple locations with immutable transaction records, is increasing reliability of accounting functions. With smart contracts, business agreements can be executed via blockchain, adding another layer of security. However, the accounting industry is not without challenges as technology advances- it must stand with its ethical principles as the business world around it evolves with Web 3.0.