Implementation Of Blockchain Technology In Accounting: Triple-Entry Accounting

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F22%3A63551598" target="_blank" >RIV/70883521:28120/22:63551598 - isvavai.cz</a>

Výsledek na webu

<a href="http://dx.doi.org/10.7441/dokbat.2022.39" target="_blank" >http://dx.doi.org/10.7441/dokbat.2022.39</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.7441/dokbat.2022.39" target="_blank" >10.7441/dokbat.2022.39</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Implementation Of Blockchain Technology In Accounting: Triple-Entry Accounting

Popis výsledku v původním jazyce

Blockchain technology has already started attracting accounting professionals to triple-entry accounting systems. It is an application of Blockchain, which can be utilized to have a shared accounting ledger and is speculated to revolutionize the accounting profession, including auditors. This system has not been adopted widely by the companies yet; however, it shows great potential and is in discussion in the accounting community for its prospects for accounting practices. It was developed by combining existing technology with cryptography, which helped introduce transparent, authentic, and established transaction records on Blockchain&apos;s giant shared ledger. Therefore, this paper aims to investigate the available literature on the impact of blockchain application in accounting, specifically in the context of triple-entry accounting. For this purpose, a detailed literature review was conducted. It was found that the companies will need only to enter the transactions on their ledger internally, and a duplicate copy will be entered on the shared register as well. It is also a decentralised and distributed database which can make the fraudulent practices data manipulation obsolete. It will allow the companies to maintain more transparency. The accounting and auditing profession are built upon trust and transparency, and this technology can help them tackle the troubles they face. Triple-entry accounting can critically enhance the capabilities of accounting practices when appropriately implemented.

Název v anglickém jazyce

Implementation Of Blockchain Technology In Accounting: Triple-Entry Accounting

Popis výsledku anglicky

Blockchain technology has already started attracting accounting professionals to triple-entry accounting systems. It is an application of Blockchain, which can be utilized to have a shared accounting ledger and is speculated to revolutionize the accounting profession, including auditors. This system has not been adopted widely by the companies yet; however, it shows great potential and is in discussion in the accounting community for its prospects for accounting practices. It was developed by combining existing technology with cryptography, which helped introduce transparent, authentic, and established transaction records on Blockchain&apos;s giant shared ledger. Therefore, this paper aims to investigate the available literature on the impact of blockchain application in accounting, specifically in the context of triple-entry accounting. For this purpose, a detailed literature review was conducted. It was found that the companies will need only to enter the transactions on their ledger internally, and a duplicate copy will be entered on the shared register as well. It is also a decentralised and distributed database which can make the fraudulent practices data manipulation obsolete. It will allow the companies to maintain more transparency. The accounting and auditing profession are built upon trust and transparency, and this technology can help them tackle the troubles they face. Triple-entry accounting can critically enhance the capabilities of accounting practices when appropriately implemented.

Druh

D - Stať ve sborníku

CEP obor

—

OECD FORD obor

50201 - Economic Theory

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2022

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

DOKBAT 2022 - 18th International Bata Conference for Ph.D. Students and Young Researchers

ISBN

978-80-7678-101-6

ISSN

—

e-ISSN

—

Počet stran výsledku

11

Strana od-do

399-409

Název nakladatele

Fakulta managementu a ekonomiky, UTB ve Zlíně

Místo vydání

Zlín

Místo konání akce

Zlín

Datum konání akce

14. 9. 2022

Typ akce podle státní příslušnosti

EUR - Evropská akce

Kód UT WoS článku

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