NEW ERA IN BLOCKCHAIN TECHNOLOGY AND BETTER ACCOUNTING INFORMATION

OpenAlex İngilizce

The magnitude of the potential blockchain has been so powerful that the way of doing business in all sectors could change dramatically. The nature of blockchain seems well suited to meeting the needs of accounting as well. If the potentials offered by blockchain can be fully realized, today’s accounting practices are likely to change drastically in a way we have never seen before. In this study, it is tried to determine what kind of impact the blockchain holds for the future of accounting and auditing. “Decentralization” and “triple entry accounting” are revolutionary features blockchain could bring for accounting. In this study, it is understood that these changes seem theoretically possible, but not easy to use them effectively, because it turned out that there are many large and small obstacles ahead that had to be overcome before we could say full adoption of blockchain in accounting. It looks like there is a long way to go, at least for near future. However, considering the magnitude of innovative impact that blockchain will generate, it seems it is worth putting necessary effort in action to overcome these obstacles for high standards in accounting.