The Blockchain Evolution and Revolution of Accounting

Kimberlyn George and Panos N. Patatoukas

Chapter 6 in Information for Efficient Decision Making:Big Data, Blockchain and Relevance, 2020, pp 157-172 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Blockchain, the technology behind digital currency, is a decentralized, distributed ledger that records transactions in digital assets. By authenticating and recording immutable transactions, decentralized blockchains perform the same function as many intermediaries in our society that establish trust and maintain integrity between transacting parties. Due to its natural relation to accounting and possible uses in accounting functions, business operations, and financial services, it is important that accountants learn about blockchain technology and its opportunities and limitations. This chapter explores applications of blockchain technology in finance, auditing, financial reporting, and supply chain. We first discuss the classification, characteristics, and issuance of cryptoassets and the evolving regulatory environment. Then, we address potential innovative uses of blockchain in auditing and financial reporting, keeping in mind the limitations of its application. Finally, we explore how blockchain technology can enhance communication and trust between organizations in a supply chain or in contracting relationships.

Keywords: Accounting; Decision Making; Economic Information; Stock Trading; Acquisitions; Mergers; Financing Reporting; Reliable Information; Company Decisions (search for similar items in EconPapers)
JEL-codes: A1 M41 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (2)

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