The Use of Blockchain Technology and Smart Contracts in Accounting

Abstract

This study aims to examine the use of blockchain technology and smart contracts in accounting. Accounting is one of the sectors that is suitable for the use of different technologies because of both human and system errors. Blockchain technology, which is decentralised and not affected by malicious interference by parties, is the most likely technology to be used with accounting. Compared to traditional accounting records, owing to the three-entry accounting system, records can now be followed instantly rather than for specific periods. In addition, blockchain technology, which provides benefits such as the inability of personnel and auditors to manipulate records, enables various activities, from automating business processes in accounting to creating a more transparent accounting ecosystem thanks to smart contracts. In this vein, we aim to examine the potential benefits that this approach will provide to the field of accounting by researching smart contracts.

Keywords: Accounting, Blockchain, Smart Contracts

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