Revolutionary applications of trending block chain innovation in accounting and auditing

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.