{"id":3436,"date":"2021-12-03T15:03:23","date_gmt":"2021-12-03T15:03:23","guid":{"rendered":"https:\/\/ejfms.deqepub.org\/?post_type=journal_article&amp;p=3436"},"modified":"2021-12-03T15:03:23","modified_gmt":"2021-12-03T15:03:23","slug":"blockchain-the-building-block-to-the-future-of-accounting","status":"publish","type":"journal_article","link":"https:\/\/deqepub.org\/ejfms\/journal_article\/blockchain-the-building-block-to-the-future-of-accounting\/","title":{"rendered":"Blockchain: The Building Block to the Future of Accounting"},"content":{"rendered":"<p><strong>ABSTRACT<\/strong><\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\"><strong>Keywords<\/strong>: Permissionless Block chain; Data; Ledger; Auditors; Financial Statement<\/p>\n<p><strong>Authorship<\/strong><\/p>\n<p><strong><a href=\"https:\/\/www.google.com\/search?q=Egiyi,+Modesta+Amaka,+PhD&amp;rlz=1C1CHBD_enNG922NG922&amp;sxsrf=AOaemvIOyIAFERpo6vPer53_DJGsOSVTgQ:1638543067019&amp;ei=2y6qYdlix5qwB9PQg-AI&amp;start=10&amp;sa=N&amp;ved=2ahUKEwiZvNXL8Mf0AhVHDewKHVPoAIwQ8NMDegQIARA6&amp;biw=1536&amp;bih=664&amp;dpr=1.25\">Egiyi, Modesta Amaka, PhD<\/a>.<sup>1<\/sup>;\u00a0<a href=\"https:\/\/www.google.com\/search?q=Okafor%2C+Victor+Ikechukwu%2C+PhD.2&amp;rlz=1C1CHBD_enNG922NG922&amp;sourceid=chrome&amp;ie=UTF-8\"> Okafor, Victor Ikechukwu, PhD.<\/a><sup>2<br \/>\n<\/sup><\/strong><em><sup>1<\/sup><\/em><em>Department of Accounting, Godfrey Okoye University, Enugu<br \/>\n<\/em><em><sup>2<\/sup>Department of Accounting, College of Management\u00a0 Sciences, Michael Okpara University of Agriculture, Umudike<\/em><\/p>\n<p><a href=\"https:\/\/ejfms.deqepub.org\/wp-content\/uploads\/2021\/12\/1-8alt.pdf\">Download Full PDF<\/a><\/p>\n","protected":false},"author":1,"template":"","journal_article_cats":[166],"class_list":["post-3436","journal_article","type-journal_article","status-publish","hentry","journal_article_cat-vol-5-no-3"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain: The Building Block to the Future of Accounting - European Journal of Finance and Management Sciences<\/title>\n<meta name=\"description\" content=\"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 blockchain, 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\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/deqepub.org\/ejfms\/journal_article\/blockchain-the-building-block-to-the-future-of-accounting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain: The Building Block to the Future of Accounting\" \/>\n<meta property=\"og:description\" content=\"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 blockchain, 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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/deqepub.org\/ejfms\/journal_article\/blockchain-the-building-block-to-the-future-of-accounting\/\" \/>\n<meta property=\"og:site_name\" content=\"European Journal of Finance and Management Sciences\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/deqepub.org\/ejfms\/journal_article\/blockchain-the-building-block-to-the-future-of-accounting\/\",\"url\":\"https:\/\/deqepub.org\/ejfms\/journal_article\/blockchain-the-building-block-to-the-future-of-accounting\/\",\"name\":\"Blockchain: The Building Block to the Future of Accounting - European Journal of Finance and Management Sciences\",\"isPartOf\":{\"@id\":\"https:\/\/deqepub.org\/ejfms\/#website\"},\"datePublished\":\"2021-12-03T15:03:23+00:00\",\"description\":\"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 blockchain, 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. 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