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Blockchain and its implications for accounting and auditing

Enrique Bonsón (Universidad de Huelva Facultad de Ciencias Empresariales, Huelva, Spain)
Michaela Bednárová (Department of Financial Economics and Accounting, Universidad Pablo de Olavide, Sevilla, Spain)

Meditari Accountancy Research

ISSN: 2049-372X

Article publication date: 2 October 2019

Issue publication date: 8 October 2019

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Abstract

Purpose

Technological developments such as blockchain seem to be the next step in a digital era and might reshape the way we do business. They are expected to have an impact on both business and society in the next few decades. This paper aims to provide general insights into blockchain technology and the extent to which it might transform the accounting system.

Design/methodology/approach

Analysing the previous literature, the paper provides a general overview of this phenomenon, identifying pending technical as well as non-technical issues that will have to be addressed for the full potential of blockchain technology to be embraced. The paper also proposes ways in which the information quality dimension might be improved.

Findings

The paper identifies the pending challenges for blockchain, such as scalability, flexibility, a suitable architecture and cybersecurity. Additionally, to integrate blockchain technology fully into a real accounting ecosystem, a consensus between regulators, auditors and other parties is needed.

Originality/value

A general overview of this new phenomenon, as well as a summary of how the quality of accounting information might be improved, is provided. Given that it features elements such as decentralization and transparency, blockchain certainly has the potential to improve information and accounting quality.

Keywords

Citation

Bonsón, E. and Bednárová, M. (2019), "Blockchain and its implications for accounting and auditing", Meditari Accountancy Research, Vol. 27 No. 5, pp. 725-740. https://doi.org/10.1108/MEDAR-11-2018-0406

Publisher

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Emerald Publishing Limited

Copyright © 2019, Emerald Publishing Limited

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