Theoretical and Applied Bases of Using Blockchain Technology in Accounting
The aim of the article is to study the theoretical and applied bases of using blockchain technology in the national accounting system. The article proves that digitalization, as one of the main trends in the development of the national economy, causes a change in business models, approaches to organ...
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| Format: | Article |
| Language: | English |
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PH "INZHEK"
2020-03-01
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| Series: | Problemi Ekonomiki |
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| Online Access: | https://www.problecon.com/export_pdf/problems-of-economy-2020-1_0-pages-267_274.pdf |
| Summary: | The aim of the article is to study the theoretical and applied bases of using blockchain technology in the national accounting system. The article proves that digitalization, as one of the main trends in the development of the national economy, causes a change in business models, approaches to organizing, carrying out and managing a business and also modifies the communication channels between enterprises and partners, regulators and consumers. These changes lead to the need for modernization of accounting as a system for collecting, processing and storing information on enterprises’ activities. The author identifies blockchain technology as a prospect instrument for the modernization of an accounting system; blockchain technology is defined as a distributed database of all transactions carried out by enterprises. The article outlines the priority areas of using this technology in accounting (international settlements; accounting of the asset flow within an enterprise; real-time transaction accounting, etc.). The advantages of using blockchain technology in accounting are transparency, security, reliability, speed, saving time and resources, decentralization, increased trust between system participants, improved workflow, advanced training of accountants and auditors. The author concludes that, despite the high requirements for technical support and modernization of enterprises in the context of the digitalization of the national economy, blockchain technology should become one of the priority areas for the development of the accounting system. |
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| ISSN: | 2222-0712 2311-1186 |