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The Blockchain Evolution and Revolution of Accounting

In: Information for Efficient Decision Making Big Data, Blockchain and Relevance

Author

Listed:
  • Kimberlyn George
  • Panos N. Patatoukas

Abstract

Blockchain, the technology behind digital currency, is a decentralized, distributed ledger that records transactions in digital assets. By authenticating and recording immutable transactions, decentralized blockchains perform the same function as many intermediaries in our society that establish trust and maintain integrity between transacting parties. Due to its natural relation to accounting and possible uses in accounting functions, business operations, and financial services, it is important that accountants learn about blockchain technology and its opportunities and limitations. This chapter explores applications of blockchain technology in finance, auditing, financial reporting, and supply chain. We first discuss the classification, characteristics, and issuance of cryptoassets and the evolving regulatory environment. Then, we address potential innovative uses of blockchain in auditing and financial reporting, keeping in mind the limitations of its application. Finally, we explore how blockchain technology can enhance communication and trust between organizations in a supply chain or in contracting relationships.

Suggested Citation

  • Kimberlyn George & Panos N. Patatoukas, 2020. "The Blockchain Evolution and Revolution of Accounting," World Scientific Book Chapters, in: Kashi R Balachandran (ed.), Information for Efficient Decision Making Big Data, Blockchain and Relevance, chapter 6, pages 157-172, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811220470_0006
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    Citations

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    Cited by:

    1. Anca Antoaneta Vărzaru, 2022. "Assessing Digital Transformation of Cost Accounting Tools in Healthcare," IJERPH, MDPI, vol. 19(23), pages 1-18, November.
    2. Anca Antoaneta Vărzaru, 2022. "An Empirical Framework for Assessing the Balanced Scorecard Impact on Sustainable Development in Healthcare Performance Measurement," IJERPH, MDPI, vol. 19(22), pages 1-17, November.

    More about this item

    Keywords

    Accounting; Decision Making; Economic Information; Stock Trading; Acquisitions; Mergers; Financing Reporting; Reliable Information; Company Decisions;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • A1 - General Economics and Teaching - - General Economics

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