Title: Blockchain in accounting: challenges and future prospects

Authors: Asif Iqbal Baba; Subash Neupane; Fan Wu; Fanta F. Yaroh

Addresses: Department of Computer Science, Tuskegee University, Tuskegee, AL, USA ' Department of Computer Science, Tuskegee University, Tuskegee, AL, USA ' Department of Computer Science, Tuskegee University, Tuskegee, AL, USA ' KPMG LLP, Atlanta, Georgia, USA

Abstract: Blockchain technology has the potential to disrupt the existing business models in virtually every sector, including finance, legal, manufacturing, healthcare, government, supply chain, insurance, tourism, agriculture, etc. Because of a myriad of benefits surrounding this technology as such decentralisation, persistency, anonymity, and auditability every business today wants to adopt this technology. Although this technology can be applied to any sector, it is fundamentally considered as accounting technology. It can improve efficiency and significantly change the face of traditional accounting and bookkeeping. The accounting systems of the present are still in their digital infancy in comparison to other industries, largely due to the exceptionally high regulatory requirements concerning the validity and integrity of data and information. In this paper, we will discuss the impact of blockchain technology on the accounting profession, technical, regulatory, and other concerns in detail. We also indicate the directions for the future of blockchain-based accounting.

Keywords: blockchain; blockchain architecture; accounting; decentralisation; distributed ledgers.

DOI: 10.1504/IJBC.2021.117810

International Journal of Blockchains and Cryptocurrencies, 2021 Vol.2 No.1, pp.44 - 67

Received: 28 Jul 2020
Accepted: 22 Dec 2020
Published online: 25 Sep 2021 *

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