Blockchain – the accounting perspective

Pugna Irina Bogdana () and Duţescu Adriana ()
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Pugna Irina Bogdana: Bucharest University of Economic Studies, Bucharest, Romania
Duţescu Adriana: Bucharest University of Economic Studies, Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2020, vol. 14, issue 1, 214-224

Abstract: Blockchain remains still an experimental technology, with current applications addressing only some elements of small-scale projects. Once the technology matures however, it has the potential to transform industries and even the economy, as it begins to integrate complementary technologies such as AI and IoT. It has the potential to bring fundamental changes to financial accounting and auditing, and even to entire financial markets. This paper explores the potential for blockchain applications in accounting, identifying major benefits and shortcomings, and analysing opportunities and possible threats. We investigate mainly the organizational challenges raised by an accounting blockchain systems and its potential to enhance the accounting activity. We discuss blockchain’s potentially disruptive effect on the accounting profession, and conversely, the potential role of this professions in further developing blockchain technology.

Keywords: Blockchain; Accounting; Decentralization; Trust; Smart contracts; Security (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:14:y:2020:i:1:p:214-224:n:20

DOI: 10.2478/picbe-2020-0020

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