Blockchain-Integrated Traditional Accounting Systems: Enhancing Transparency and Efficiency 1n Edo State's Cooperative Societies

Solomon A. Ediae ()
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Solomon A. Ediae: Federal College of Education, Department of Accountancy

A chapter in Proceedings of the International Conference on Sustainable Business and Entrepreneurship (ICSBE 2025), 2025, pp 69-79 from Springer

Abstract: Abstract This study explores the uncharted integration of blockchain technology with traditional accounting systems to enhance transparency, efficiency, and trust in financial reporting within cooperative societies in Edo State, Nigeria. Despite the growing adoption of digital tools in accounting, the potential of blockchain to transform traditional ledger systems in localized, community-driven financial entities remains underexplored. Focusing on Edo State’s cooperative societies, this research investigates how blockchain can address prevalent issues such as financial mismanagement, lack of real-time auditability, and limited stakeholder trust. Using a mixedmethods approach, the study combines qualitative interviews with cooperative leaders and quantitative analysis of blockchain-based transaction records. The findings reveal that blockchain integration significantly reduces discrepancies in financial reporting, enhances member trust, and streamlines audit processes, though challenges like technological literacy and infrastructure costs persist. This research pioneers a novel framework for blockchain adoption in traditional accounting systems, offering implications for policymakers, accountants, and community financial institutions in developing economies. Edo State serves as a unique case study, reflecting the intersection of cultural financial practices and modern technological innovation.

Keywords: Blockchain; Traditional Accounting; Cooperative Societies; Transparency; Financial Reporting (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-930-8_7

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DOI: 10.2991/978-94-6463-930-8_7

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