Blockchain technology in modern accounting: A comprehensive review and its implementation challenges
1 Independent Researcher, San Francisco, USA.
2 Dangote Sugar Refinery Plc, Lagos, Nigeria.
3 University of Law Business School, Manchester, United Kingdom.
4 Spacepointe Limited, Rivers State, Nigeria.
5 Independent Researcher, Anambra, Nigeria.
6 Information Technology & Management, University of Texas, Dallas, USA.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(02), 218–234
Publication history:
Received on 27 December 2023; revised on 03 February 2024; accepted on 05 February 2024
Abstract:
In an era where technological advancements redefine traditional paradigms, this paper delves into the transformative impact of blockchain technology on the accounting sector. The study embarks on a scholarly journey, exploring the intricate interplay between blockchain and accounting practices, with a focus on its evolution, adoption, and the challenges it presents. The aim is to unravel the potential of blockchain as a catalyst for change in accounting, examining its implications from a multi-dimensional perspective.
Adopting a qualitative research methodology, the study employs an analytical framework to dissect the integration of blockchain in various accounting sectors. This approach facilitates a comprehensive exploration of the subject, ensuring a thorough understanding of blockchain's impact on accounting practices. The paper navigates through the realms of blockchain adoption, comparative analysis with traditional systems, implementation challenges, and emerging trends, culminating in a rich tapestry of insights.
The findings reveal that blockchain technology is not merely an emerging trend but a paradigm shift in accounting. It offers enhanced transparency, efficiency, and security, surpassing traditional accounting systems. However, the journey towards a blockchain-dominated future is fraught with challenges, including technological integration, skill development, and regulatory compliance.
Conclusively, the study posits that blockchain technology is poised to revolutionize accounting practices. It recommends a harmonious blend of technological innovation with ethical and regulatory frameworks, emphasizing the need for education and skill development in blockchain technology. The study serves as a clarion call to accounting professionals and educators to adapt to this technological evolution, envisioning a future where accounting transcends traditional boundaries and embodies trust, transparency, and transformative innovation.
Keywords:
Blockchain Technology; Accounting Practices; Technological Evolution; Qualitative Research; Paradigm Shift; Regulatory Compliance.
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0