A new client has approached the firm asking for us to audit their business, the main transaction model of the company is to use blockchain to account for their payments and receipts. This is because they were told it is a more secure way to make transactions and ensure validity and accuracy. This is the first audit of its kind for the firm, and therefore, they ask you to give them some insight into the matter due to all your hard work previously. They had the following questions regarding the matter:

How can blockchain technology revolutionize auditing and what benefit$($s$)$ would that bring for clients of the firm? $(10)$

What are the downsides of blockchain technology and why is it not used to its maximum effect today in accounting firms? Provide recommendations as to how to mitigate these problems based on what you think would make it more user friendly and reliable to the firm. $(10)$