Integration of Blockchain in Accounting and ESG Reporting: A Systematic Review from an Oracle-Based Perspective

Giulio Caldarelli ()
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Giulio Caldarelli: Department of Management, University of Turin, Corso Unione Sovietica, 218bis, 10134 Turin, Italy

JRFM, 2025, vol. 18, issue 9, 1-33

Abstract: The Bitcoin network is a sophisticated accounting system that facilitates consensus and verification of transactions through cryptographic proof, eliminating the need for a central authority. Given its success, the underlying technology, generally referred to as blockchain, has been proposed as a means to improve legacy accounting and reporting systems. However, integrating real-world data into a blockchain requires the use of oracles: third-party systems that, if poorly selected, may be less decentralized and transparent, potentially undermining the expected benefits. Through a systematic review of the existing literature, this study investigates whether research articles on the integration of blockchain technology in accounting and reporting have addressed the limitations posed by oracles, under the rationale that the omission of oracles constitutes a theoretical bias. Furthermore, this study examines oracle-based solutions proposed for reporting applications and classifies them based on their intended purpose. While the overall consideration of oracles remains limited, the findings indicate a steadily increasing interest in their role and implications within accounting, auditing, and ESG-related blockchain implementations. This growing attention is particularly evident in ESG reporting, where permissioned blockchains and attestation mechanisms are increasingly being examined as practical responses to data verification challenges.

Keywords: blockchain; oracles; oracle problem; accounting; auditing; reporting; ESG; sustainability (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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