Revolutionary applications of trending block chain innovation in accounting and auditing
1 Lancashire Business School, University of Central Lancashire, United Kingdom.
2 Salford School of Engineering and Technology, University of Salford, Manchester, United Kingdom.
Review
World Journal of Advanced Engineering Technology and Sciences, 2023, 10(01), 040–053.
Article DOI: 10.30574/wjaets.2023.10.1.0245
Publication history:
Received on 22 July 2023; revised on 31 August 2023; accepted on 03 September 2023
Abstract:
The primary objective of this study is to provide a rationale for adopting Blockchain technology in the realm of accounting and auditing. The key findings of the study highlight the potential benefits of utilizing Blockchain technology in the recording of financial transactions and the auditing process in the organizations. The incorporation of Blockchain in transaction accounting can result in decreased penalties linked to accounting mistakes and facilitate quicker identification and rectification of errors without extra financial outlay. Furthermore, Blockchain technology has the capability to practically eliminate the loss and misuse of financial data by malicious individuals. The research findings underscore the importance of integrating Blockchain into the structural and technological frameworks of transaction accounting within organizations, as well as in the broader domains of accounting and auditing. The adoption of this technology can optimize accounting procedures, elevate the precision and dependability of financial data, enhance oversight, and lower risks for economic entities. This highlights the potential advantages of using Blockchain as a comprehensive optimization solution in the accounting field. The findings stress that there is need for further exploration and application of Blockchain to enhance the quality of financial accounting, ensure trustworthiness, and alleviate risks within the field.
Keywords:
Blockchain; Accounting; Auditing; Innovation; Technology
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Copyright information:
Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0