IDEAS home Printed from https://ideas.repec.org/a/eco/journ2/2023-02-35.html
   My bibliography  Save this article

Analysis of the Risks of Using the Blockchain Technology in the Accounting and Audit of a Fuel and Energy Complex Enterprise

Author

Listed:
  • Larysa Ivanchenkova

    (Department of Digital Technologies of Financial Operations, Odessa National Academy of Food Technologies, Odesa, Ukraine,)

  • Liubov Shevtsiv

    (Department of Accounting, Analysis and Control, Ivan Franko National University of Lviv, Lviv, Ukraine,)

  • Lyazzat Beisenova

    (Department State Audit , L.N. Gumilyov Eurasian National University, Nursultan, Kazakhstan,)

  • Aliya Shakharova

    (Department State Audit , L.N. Gumilyov Eurasian National University, Nursultan, Kazakhstan,)

  • Temur Berdiyorov

    (Department Economics and Management , Jizzakh Polytechnic Institute, Jizzakh, Uzbekistan.)

Abstract

Blockchain is a modern, influential technology that is already transforming organizations and their business models in all business processes, including accounting and auditing. The article identifies and analyzes the risks of blockchain application in accounting and audits of fuel and energy companies. Areas of application of blockchain in accounting and auditing of fuel and energy companies have been determined, which include - integration of cryptocurrency into the accounting system of an energy company, creation of smart contracts, certification of renewable energy sources, automation of accounting and document flow, operational management of energy company assets, accounting of accounts consumption of energy and fuel resources. The risks of using blockchain technology in accounting and auditing of fuel and energy companies are systematized, which are grouped according to the following directions: high requirements of blockchain for energy consumption, lack of sufficient knowledge and skills of accountants in working with blockchain, technical, accounting and auditing problems. An example of choosing an economic risk management strategy of an energy company using maximax, Bayes, Laplace, Wald, Savage, Hurwitz criteria has been developed. The results of the research can be useful for accountants, auditors and managers of fuel and energy companies during the implementation and use of blockchain technology in practical activities.

Suggested Citation

  • Larysa Ivanchenkova & Liubov Shevtsiv & Lyazzat Beisenova & Aliya Shakharova & Temur Berdiyorov, 2023. "Analysis of the Risks of Using the Blockchain Technology in the Accounting and Audit of a Fuel and Energy Complex Enterprise," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 316-321, March.
    • Handle: RePEc:eco:journ2:2023-02-35
    as

    Download full text from publisher

    File URL: https://www.econjournals.com/index.php/ijeep/article/download/14047/7216
    Download Restriction: no
    File URL: https://www.econjournals.com/index.php/ijeep/article/view/14047
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:eme:aaaj00:aaaj-10-2020-4995 is not listed on IDEAS
    2. Vineet Paliwal & Shalini Chandra & Suneel Sharma, 2020. "Blockchain Technology for Sustainable Supply Chain Management: A Systematic Literature Review and a Classification Framework," Sustainability, MDPI, vol. 12(18), pages 1-39, September.
    3. Oskar Juszczyk & Khuram Shahzad, 2022. "Blockchain Technology for Renewable Energy: Principles, Applications and Prospects," Energies, MDPI, vol. 15(13), pages 1-24, June.
    4. Najoua Elommal & Riadh Manita, 2022. "How Blockchain Innovation could affect the Audit Profession: A Qualitative Study," Journal of Innovation Economics, De Boeck Université, vol. 0(1), pages 37-63.
    5. Igor Britchenko & Volodymyr Saienko, 2017. "The perception movement economy of Ukraine to business," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 163-181.
    6. Alessandra Lardo & Katia Corsi & Ashish Varma & Daniela Mancini, 2022. "Exploring blockchain in the accounting domain: a bibliometric analysis," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 35(9), pages 204-233, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mirzat Ullah & Kazi Sohag & Farrukh Nawaz & Oleg Mariev & Umar Kayani & Igor Mayburov & Svetlana Doroshenko, 2024. "Impact of Oil Price Shocks on Crypto and Conventional Financial Assets during Financial Crises: Evidence from the Russian Financial Market," International Journal of Energy Economics and Policy, Econjournals, vol. 14(4), pages 472-483, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mansoureh Beheshti Nejad & Seyed Mahmoud Zanjirchi & Seyed Mojtaba Hosseini Bamakan & Negar Jalilian, 2024. "Blockchain Adoption in Operations Management: A Systematic Literature Review of 14 Years of Research," Annals of Data Science, Springer, vol. 11(4), pages 1361-1389, August.
    2. Adrian GROȘANU & Melinda-Timea FÜLÖP & Nicolae MĂGDAȘ, 2024. "Ethical Dilemmas in Digital Accounting: A Comprehensive Literature Review," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 5(4), pages 56-67, April.
    3. Juan Carlos López-Pimentel & Miguel Alcaraz-Rivera & Rafael Granillo-Macías & Elias Olivares-Benitez, 2022. "Traceability of Mexican Avocado Supply Chain: A Microservice and Blockchain Technological Solution," Sustainability, MDPI, vol. 14(21), pages 1-18, November.
    4. Kateryna Redko & Olena Borychenko & Anatolii Cherniavskyi & Volodymyr Saienko & Serhii Dudnikov, 2023. "Comparative Analysis of Innovative Development Strategies of Fuel and Energy Complex of Ukraine and the EU Countries: International Experience," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 301-308, March.
    5. Sun, Yi & Jiang, Shiqing & Jia, Wanjiao & Wang, Yu, 2022. "Blockchain as a cutting-edge technology impacting business: A systematic literature review perspective," Telecommunications Policy, Elsevier, vol. 46(10).
    6. Simon Wong & John Kun-Woon Yeung & Yui-Yip Lau & Tomoya Kawasaki, 2023. "A Case Study of How Maersk Adopts Cloud-Based Blockchain Integrated with Machine Learning for Sustainable Practices," Sustainability, MDPI, vol. 15(9), pages 1-17, April.
    7. Cezar-Petre Simion & Cătălin-Alexandru Verdeș & Alexandra-Andreea Mironescu & Florin-Gabriel Anghel, 2023. "Digitalization in Energy Production, Distribution, and Consumption: A Systematic Literature Review," Energies, MDPI, vol. 16(4), pages 1-30, February.
    8. Ioanna Andreoulaki & Aikaterini Papapostolou & Vangelis Marinakis, 2024. "Evaluating the Barriers to Blockchain Adoption in the Energy Sector: A Multicriteria Approach Using the Analytical Hierarchy Process for Group Decision Making," Energies, MDPI, vol. 17(6), pages 1-27, March.
    9. Md Al Amin & Dewan Hafiz Nabil & Roberto Baldacci & Md. Habibur Rahman, 2023. "Exploring Blockchain Implementation Challenges for Sustainable Supply Chains: An Integrated Fuzzy TOPSIS–ISM Approach," Sustainability, MDPI, vol. 15(18), pages 1-25, September.
    10. Makpal Zholamanova & Nurbakhyt Nurmukhametov & Mikhail Tolmachev & Kassymkhan Sarsen & Altyn Amerkhanova, 2023. "Comparative Analysis of Strategies for Innovative Development of the Fuel and Energy Complex: The Experience of the EU Countries," International Journal of Energy Economics and Policy, Econjournals, vol. 13(1), pages 128-134, January.
    11. Jun-Der Leu & Larry Jung-Hsing Lee & Yi-Wei Huang & Chia-Chi Huang, 2021. "Sustainable Supply Chains: Evidence from Small and Medium-Sized Manufacturers," Sustainability, MDPI, vol. 13(16), pages 1-22, August.
    12. Zhu, Qingyun & Bai, Chunguang & Sarkis, Joseph, 2022. "Blockchain technology and supply chains: The paradox of the atheoretical research discourse," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 164(C).
    13. Asterios Stroumpoulis & Evangelia Kopanaki, 2022. "Theoretical Perspectives on Sustainable Supply Chain Management and Digital Transformation: A Literature Review and a Conceptual Framework," Sustainability, MDPI, vol. 14(8), pages 1-30, April.
    14. Diah Chaerani & Adibah Shuib & Tomy Perdana & Athaya Zahrani Irmansyah, 2023. "Systematic Literature Review on Robust Optimization in Solving Sustainable Development Goals (SDGs) Problems during the COVID-19 Pandemic," Sustainability, MDPI, vol. 15(7), pages 1-18, March.
    15. Yang Li & Mengying Jiang & Mei Yu & Shouzhi Xu & Xiaojun Liu & Shirui Zhang & Jia Zhu & Shurui Peng & Zhongming Gu, 2024. "A Non-Transferable Trade Scheme of Green Power Based on Blockchain," Energies, MDPI, vol. 17(16), pages 1-17, August.
    16. Evin Özkan & Neda Azizi & Omid Haass, 2021. "Leveraging Smart Contract in Project Procurement through DLT to Gain Sustainable Competitive Advantages," Sustainability, MDPI, vol. 13(23), pages 1-25, December.
    17. Heongu Lee & Changhak Yeon, 2021. "Blockchain-Based Traceability for Anti-Counterfeit in Cross-Border E-Commerce Transactions," Sustainability, MDPI, vol. 13(19), pages 1-20, October.
    18. Xu, Xiaoyan & Chung, Sai-Ho & Lo, Chris K.Y. & Yeung, Andy C.L., 2022. "Sustainable supply chain management with NGOs, NPOs, and charity organizations: A systematic review and research agenda," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 164(C).
    19. Syaiful Anwar & Tomy Perdana & Meddy Rachmadi & Trisna Insan Noor, 2023. "Product Traceability and Supply Chain Sustainability of Black Soybeans as Raw Materials for Soy Sauce in Maintaining Quality and Safety," Sustainability, MDPI, vol. 15(18), pages 1-23, September.
    20. Zhiwen Su & Mingyu Zhang & Wenbing Wu, 2021. "Visualizing Sustainable Supply Chain Management: A Systematic Scientometric Review," Sustainability, MDPI, vol. 13(8), pages 1-25, April.

    More about this item

    Keywords

    blockchain; digitalization; accounting; audit; fuel and energy complex;
    All these keywords.

    JEL classification:

    • G4 - Financial Economics - - Behavioral Finance
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eco:journ2:2023-02-35. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ilhan Ozturk (email available below). General contact details of provider: http://www.econjournals.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.