Toward bockchain-based accounting system - Implications for accounting and audit

Abstract

Blockchain is the revolutionary technology behind cryptocurrencies, it was introduced for the first time as the technology behind Bitcoin. Being basically a decentralized distributed ledger that can never be manipulated and whose records can never be destroyed, gave it the potential to revolutionize many industries. The nature of being a distributed ledger which stores all the details for every transaction gave blockchain the potential to disrupt both accounting and audit industries, and the idea of using it for both industries comes from the nature of the technology itself. Blockchain technology is fundamentally an accounting technology” (Deloitte, 2018). Despite Blockchain huge potential over a multitude of industries, its potential over accounting and audit is still considered to be under-explored and the amount of academic research on this topic is limited. Therefore, this thesis will try to contribute to the scientific community on the topic of Blockchain accounting and continue previous academic and professional research by describing and explaining the concept of blockchain, its potential impact on the accounting and audit industry and challenges it could bring. Hoping to provide predictions and future recommendations to both academics and professionals.