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Possibilities of using blockchain in accounting and auditing: literary research

Možnosti využití blockchainu v účetnictví a auditu: rešerše literatury

Robert Jurka and Jaroslava Roubíčková

Český finanční a účetní časopis, 2018, vol. 2018, issue 1, 61-75

Abstract: This article discusses the basic issues associated with the blockchain. Blockchain logs transactions, so the usage is almost infinite. Blockchain can record virtually any transaction, both digital and physical. Blockchain technology would mean that trading and business have a trustworthy and transparent system, as the uniqueness is that one-time recordings cannot be edited retrospectively and therefore remain in history.Blockchain technology could significantly reduce the cost of bookkeeping, tax advice, and auditing, to companies emerging from outsourced services or internal activities. If the transactions were to be accounted for centrally and not for separate books, then all records would be visible to notaries, banks, auditors, financial officers and other institutions transparently and in real time. These entities would be able to control transactions much easier and more efficiently, and could test much more information and data.Blockchain technologies are expected to be used in a wide range of industries, including accounting and auditing. The aim of the article is to introduce this issue, to get acquainted with selected opinions published by relevant experts of consultancy companies, professional organizations and other institutions.

Keywords: Blockchain; Auditor; Audit; Bookkeeping; Tripple-entry accounting; Corporate governance; Účetnictví; Triple-entry accounting (search for similar items in EconPapers)
JEL-codes: G34 M40 M42 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.18267/j.cfuc.506

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