Development of Blockchain Technology in Financial Accounting

Prokopenko O. Koldovskiy A. Khalilova M. Orazbayeva A. Machado J.
December 2024 Multidisciplinary Digital Publishing Institute (MDPI)

Computation
2024 #12 Issue 12

This study investigates the transformative potential of blockchain technology in financial accounting by examining its applications, challenges, and implications. The study begins with a review of blockchain’s origins and its ability to address inefficiencies, fraud risks, and transparency limitations in traditional accounting. A mixed-methods approach was employed, combining qualitative thematic analysis and quantitative statistical techniques. The qualitative analysis involved thematic coding of data from case studies and organizational reports, while the quantitative analysis assessed financial data using descriptive and inferential statistical methods. Eight organizations from diverse industries—including banking, retail, and technology—were purposively sampled to capture varied experiences and applications of blockchain technology. Key findings reveal blockchain’s ability to enhance transparency, efficiency, and security in financial transactions, offering significant advantages for financial reporting and auditing. However, challenges such as regulatory uncertainties, scalability concerns, and technical complexities remain barriers to its widespread adoption. This research provides actionable recommendations to overcome these challenges and maximize blockchain’s benefits in financial accounting. By integrating theoretical insights with empirical evidence, this study contributes to advancing the understanding of blockchain’s role in transforming financial practices, offering practical guidance for academia and industry practitioners alike.

auditing , blockchain , cryptocurrency , distributed ledger technology , efficiency , regulatory compliance , smart contracts , transparency

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Estonian Entrepreneurship University of Applied Sciences, Tallinn, 11415, Estonia
Department of Business Economics and Administration, Sumy State Pedagogical University Named After A.S. Makarenko, Sumy, 40000, Ukraine
Department of Management Named by Oleg Balatsky, Sumy State University, Sumy, 40000, Ukraine
Department of Management and Tourism, Zhytomyr Economic and Humanitarian Institute of the University “Ukraine”, Zhytomyr, 10020, Ukraine
Department of Monitoring and Quality, Department of Monitoring and Quality, International University of Kyrgyzstan, Bishkek, 720007, Kyrgyzstan
International School of Journalism, Maqsut Narikbayev University, 020000, Astana, Kazakhstan
MEtRICs Research Center, University of Minho, Guimarães, 4800-058, Portugal

Estonian Entrepreneurship University of Applied Sciences
Department of Business Economics and Administration
Department of Management Named by Oleg Balatsky
Department of Management and Tourism
Department of Monitoring and Quality
International School of Journalism
MEtRICs Research Center

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