Blockchain: The Building Block to the Future of Accounting
- Post by: deqe
- December 3, 2021
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ABSTRACT
This study was carried out on the opportunities blockchain has for the future of accounting. First, blockchain was studied and its concept explained. We looked at the different types of block chain; permissionless block chain, permissioned blockchain, federated and hybrid blockchain and how each and every one of it works. The benefits and implications of blockchain was analyzed. The benefits being that it offers a more secured database for every transaction, reliable and fast for dealing with big data. One of the implications being the threat of cybercrime, fraud and many other internets scam. Its basic role to the future of accounting was analyzed and in conclusion, blockchain has a huge role to play in the future of accounting.
Keywords: Permissionless Block chain; Data; Ledger; Auditors; Financial Statement
Authorship
Egiyi, Modesta Amaka, PhD.1; Okafor, Victor Ikechukwu, PhD.2
1Department of Accounting, Godfrey Okoye University, Enugu
2Department of Accounting, College of Management Sciences, Michael Okpara University of Agriculture, Umudike