An exploratory study on the use of adopting blockchain technology in accounting

Ulaganathan Subramanian and Nursyaza Elmaliyana Nabilah Ali Rahman

International Journal of Business Innovation and Research, 2024, vol. 35, issue 1, 87-104

Abstract: Blockchain technology is a suitable tool for accounting; it begins with recording every transaction that is immutable and maintains a permanent record of transactions. This process helps in keeping a complete audit trail of transactions. Blockchain helps to track information easily without consuming much time. Blockchain offers ample opportunities to redesign the business system and can alter the landscape of the accounting profession. This paper reviews how blockchain's implementation expedites the process for accountants and examines its long-lasting implications. It further discusses how the early movers adopted blockchain technology and identified its drawbacks and openings for the accounting profession. The paper also makes recommendations for accountants to familiarise, adjust, and uplift themselves to the role of strategic partners in blockchain implementation and explains how it adds value to the organisation's opportunities and challenges in applying blockchain technology to accounting and auditing.

Keywords: accounting; blockchain technology; early movers. (search for similar items in EconPapers)
Date: 2024
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