Toward blockchain-based accounting and assurance

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173 Scopus citations

Abstract

Since 2009, blockchain has served as a potentially transformative information technology expected to be as revolutionary as the Internet. Originally developed as a methodology to record cryptocurrency transactions, blockchain’s functionality has evolved into a large number of applications, such as banking, financial markets, insurance, voting systems, leasing contracts, and government service. Despite such advancements, the application of blockchain to accounting and assurance remains under-explored. This paper aims to provide an initial discussion on how blockchain could enable a real-time, verifiable, and transparent accounting ecosystem. Additionally, blockchain has the potential to transform current auditing practices, resulting in a more precise and timely automatic assurance system.

Original languageEnglish (US)
Pages (from-to)5-21
Number of pages17
JournalJournal of Information Systems
Volume31
Issue number3
DOIs
StatePublished - Sep 1 2017

All Science Journal Classification (ASJC) codes

  • Management Information Systems
  • Software
  • Information Systems
  • Accounting
  • Human-Computer Interaction
  • Information Systems and Management
  • Management of Technology and Innovation

Keywords

  • Blockchain
  • Future accounting
  • Future assurance
  • Smart contract

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