Research-Thesis: Examining the impact of blockchain-based systems on transparency, trust, and efficiency in accounting and audit processes: perspectives from professional accounting firms

Abstract

Executive Summary Blockchain technology is often described as a way to transform accounting and audit by making records more transparent, more trustworthy, and more efficient to process. This thesis tests that claim against the experience of professionals who actually work with these systems. It asks how blockchain-based systems affect transparency, trust, and efficiency in accounting and audit processes in professional practice. The study combines a literature review with twelve qualitative interviews. Participants were chosen for their direct, hands-on experience of blockchain in audit, accounting, governance, capital markets, and analytics. They include senior assurance specialists from major firms, alongside practitioners working across Europe, with particular attention to Luxembourg and Belgium. The interviews were analysed using thematic analysis, organised around the study's three hypotheses. The findings give a balanced picture. On transparency and trust, a shared, tamper-evident ledger raises the reliability of records, but it cannot guarantee that the data entered was correct or authorised, so trust still depends on the governance of inputs. On efficiency, the gains are real but conditional: they appear mainly where a process is fully on-chain and well designed, while mixed processes still require costly reconciliation. On the profession, the role of accountants and auditors is not disappearing but changing, with new value placed on data analysis, smart-contract review, key management, and system oversight. A single theme runs through every result: the boundary between on-chain and off-chain data is the central challenge for accounting and audit. The study concludes that blockchain reshapes the profession rather than replacing it, and that its benefits are realised only where governance, design, and skills are in place. Keywords: blockchain, distributed ledger technology, audit, transparency, trust, efficiency, smart contracts, professional roles Word count = 16,668