Transforming Accounting System With Blockchain Technology Implementation
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Keywords:
Accounting transparency; Blockchain; Transformation; technology; financial reporting
Abstract
Introduction: The increasing need for transparency and accountability in financial reporting has highlighted significant shortcomings in traditional accounting systems, particularly data manipulation and fraud. This research explores the potential of blockchain technology, a decentralized ledger introduced through Bitcoin, as a transformative solution to these issues. Research Methods: This study uses a qualitative descriptive design because this study describes the details and interprets the initial data, symptoms and phenomena obtained during the study. This study is a qualitative study using a library research approach. Results: The findings demonstrate that blockchain can significantly improve data reliability through its key features, including immutability, decentralization, transparency, and enhanced security. Furthermore, blockchain offers operational efficiencies in financial reporting, mainly through transaction automation, real-time auditability, and cost reduction. Conclusion: This study finds that Blockchain provides data reliability assurance through an immutable and distributed system, minimizing the risk of data manipulation or fraud.
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Arwin, Muhammad, Dena Aulia, and Lia Uzliawati. 2023. “Implementasi Blockchain Dalam Bidang Akuntansi dan Supply Chain Management: Studi Literatur.” Progress: Jurnal Pendidikan, Akuntansi dan Keuangan 6(2):76–90. doi: 10.47080/progress.v6i2.2616.
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Bonsón, Enrique, and Michaela Bednárová. 2019. “Blockchain and Its Implications for Accounting and Auditing.” Meditari Accountancy Research 27(5):725–40.
Creswell, John W, J. David Creswell. 2018. Research Design Qualitative, Quantitative, and Mixed Methods Approaches Fifth Edition. SAGE Publications, Inc.
Dai, Jun, and Miklos A. Vasarhelyi. 2017. “Toward Blockchain-Based Accounting and Assurance.” Journal of Information Systems 31(3):5–21.
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Furlonger, D., Uzureau, C. (2020). The Real Business of Blockchain. Harvard Business Review Press.
Garanina, Tatiana, Mikko Ranta, and John Dumay. 2022. “Blockchain in Accounting Research: Current Trends and Emerging Topics.” Accounting, Auditing & Accountability Journal 35(7):1507–33.
Han, H., Radha K. Shiwakoti, R. J., Chima Mordi, & David Botchie. (2023). “Accounting and Auditing with Blockchain Technology and Artificial Intelligence: A Literature Review.” International Journal of Accounting Information Systems 48:100598. doi: 10.1016/j.accinf.2022.100598.
Judijanto, Loso, Eko Sudarmanto, Asri Ady Bakri, Edy Susanto, and Ummu Kalsum. 2024. “Pengaruh Peran Teknologi Blockchain terhadap Efisiensi Proses Pelaporan Keuangan dan Proses Akuntansi pada Industri Perbankan di Indonesia.” 2.
Kalabukhova, Svitlana, and Tetyana Tokareva. 2022. “Transparency of the accounting information.” Economic Analysis (32(4)):186–97. doi: 10.35774/econa2022.04.186.
Kamath, R. (2018). “Food Traceability on Blockchain: Walmart’s Pork and Mango Pilots with IBM.” The Journal of the British Blockchain Association 1(1):1–12. doi: 10.31585/jbba-1-1-(10)2018.
Kitsantas, Thomas, and Evangelos Chytis. 2022. “Blockchain Technology as an Ecosystem: Trends and Perspectives in Accounting and Management.” Journal of Theoretical and Applied Electronic Commerce Research 17(3):1143–61.
Liu, Chengyu, Volodymyr Muravskyi, and Wenjun Wei. 2024. “Evolution of Blockchain Accounting Literature from the Perspective of CiteSpace (2013–2023).” Heliyon 10(11):e32097. doi: 10.1016/j.heliyon.2024.e32097.
Liu, Manlu, Kean Wu, and Jennifer Jie Xu. 2019. “How Will Blockchain Technology Impact Auditing and Accounting: Permissionless versus Permissioned Blockchain.” Current Issues in Auditing 13(2): A19–29. doi: 10.2308/ciia-52540.
Maffei, Marco, Raffaela Casciello, and Fiorenza Meucci. 2021. “Blockchain Technology: Uninvestigated Issues Emerging from an Integrated View within Accounting and Auditing Practices.” Journal of Organizational Change Management 34(2):462–76.
Nakamoto, S. (2008). “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Peters, G. W., & Efstathios Panayi. (2016). “Understanding Modern Banking Ledgers Through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money.” Pp. 239–78 in Banking Beyond Banks and Money, New Economic Windows, edited by P. Tasca, T. Aste, L. Pelizzon, and N. Perony. Cham: Springer International Publishing.
Pimentel, Erica, and Emilio Boulianne. 2020. “Blockchain in Accounting Research and Practice: Current Trends and Future Opportunities*.” Accounting Perspectives 19(4):325–61. doi: 10.1111/1911-3838.12239.
Pratiwi, Lady Liesdyana. 2022. “Implementasi Blockchain Pada Akuntansi Dan Audit Di Indonesia.” Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan 4(6):2185–2203.
Rahmawati, Mia Ika, and Anang Subardjo. 2023. “INTERNET OF THINGS (IoT) DAN BLOCKCHAIN DALAM PERSPEKTIF AKUNTANSI.” Jurnal Akuntansi dan Keuangan 28(1):28–36. doi: 10.23960/jak.v28i1.828.
Rîndaşu, Sînziana-Maria. 2019. “Blockchain in Accounting: Trick or Treat?” Quality-Access to Success 20(170).
Sari, Putri Indah. 2024. “INTEGRASI SISTEM INFORMASI AKUNTANSI DAN TEKNOLOGI BLOCKCHAIN DALAM PENGELOLAAN KEUANGAN.” Jurnal Ilmu Data 4(2).
Smith, Sean Stein, and John “Jack” Castonguay. 2020. “Blockchain and Accounting Governance: Emerging Issues and Considerations for Accounting and Assurance Professionals.” Journal of Emerging Technologies in Accounting 17(1):119–31.
Spanò, Rosanna, Maurizio Massaro, Luca Ferri, John Dumay, and Jana Schmitz. 2022. “Blockchain in Accounting, Accountability, and Assurance: An Overview.” Accounting, Auditing & Accountability Journal 35(7):1493–1506.
Tanjung, Ahmad Fuadi, and Patma Wati. 2023. “Penerapan Teknologi Blockchain dalam Akuntansi Syariah.” 8(2).
Abdennadher, S., Rihab Grassa, H. Abdulla, & Abdulla Alfalasi. (2022). “The Effects of Blockchain Technology on the Accounting and Assurance Profession in the UAE: An Exploratory Study.” Journal of Financial Reporting and Accounting 20(1):53–71.
Adeola Olusola, Titilola Falaiye, Odeyemi Olubusola, Andrew Ifesinachi, and Noluthando Zamanjomane Mhlongo. 2024. “BLOCKCHAIN IN U.S. ACCOUNTING: A REVIEW: ASSESSING ITS TRANSFORMATIVE POTENTIAL FOR ENHANCING TRANSPARENCY AND INTEGRITY.” Finance & Accounting Research Journal 6(2):159–82. doi: 10.51594/farj.v6i2.786.
Ahmad, Arisona, Ika Sri Wahyuni, Lailatul Istiqomah, and Eka Wulan Wahyuning Tiyas. 2022. “Triple Entry Bookkeeping di Era Teknologi Blockchain: Suatu Kajian Literatur.” Jurnal Pendidikan Akuntansi (JPAK) 10(3):338–46. doi: 10.26740/jpak.v10n3.p338-346.
ALSaqa, Z. H., Ali Ibrahim Hussein, & Saddam Mohammed Mahmood. (2019). “The Impact of Blockchain on Accounting Information Systems.” Journal of Information Technology Management 11(3):62–80.
Arwin, Muhammad, Dena Aulia, and Lia Uzliawati. 2023. “Implementasi Blockchain Dalam Bidang Akuntansi dan Supply Chain Management: Studi Literatur.” Progress: Jurnal Pendidikan, Akuntansi dan Keuangan 6(2):76–90. doi: 10.47080/progress.v6i2.2616.
Association of Certified Fraud Examiners. 2020. “Report to the Nations.”
Bellucci, Marco, Damiano Cesa Bianchi, and Giacomo Manetti. 2022. “Blockchain in Accounting Practice and Research: Systematic Literature Review.” Meditari Accountancy Research 30(7):121–46.
Bonsón, Enrique, and Michaela Bednárová. 2019. “Blockchain and Its Implications for Accounting and Auditing.” Meditari Accountancy Research 27(5):725–40.
Creswell, John W, J. David Creswell. 2018. Research Design Qualitative, Quantitative, and Mixed Methods Approaches Fifth Edition. SAGE Publications, Inc.
Dai, Jun, and Miklos A. Vasarhelyi. 2017. “Toward Blockchain-Based Accounting and Assurance.” Journal of Information Systems 31(3):5–21.
Deloitte. (2020). “Blockchain: Opportunities for Audit and Assurance.”
Furlonger, D., Uzureau, C. (2020). The Real Business of Blockchain. Harvard Business Review Press.
Garanina, Tatiana, Mikko Ranta, and John Dumay. 2022. “Blockchain in Accounting Research: Current Trends and Emerging Topics.” Accounting, Auditing & Accountability Journal 35(7):1507–33.
Han, H., Radha K. Shiwakoti, R. J., Chima Mordi, & David Botchie. (2023). “Accounting and Auditing with Blockchain Technology and Artificial Intelligence: A Literature Review.” International Journal of Accounting Information Systems 48:100598. doi: 10.1016/j.accinf.2022.100598.
Judijanto, Loso, Eko Sudarmanto, Asri Ady Bakri, Edy Susanto, and Ummu Kalsum. 2024. “Pengaruh Peran Teknologi Blockchain terhadap Efisiensi Proses Pelaporan Keuangan dan Proses Akuntansi pada Industri Perbankan di Indonesia.” 2.
Kalabukhova, Svitlana, and Tetyana Tokareva. 2022. “Transparency of the accounting information.” Economic Analysis (32(4)):186–97. doi: 10.35774/econa2022.04.186.
Kamath, R. (2018). “Food Traceability on Blockchain: Walmart’s Pork and Mango Pilots with IBM.” The Journal of the British Blockchain Association 1(1):1–12. doi: 10.31585/jbba-1-1-(10)2018.
Kitsantas, Thomas, and Evangelos Chytis. 2022. “Blockchain Technology as an Ecosystem: Trends and Perspectives in Accounting and Management.” Journal of Theoretical and Applied Electronic Commerce Research 17(3):1143–61.
Liu, Chengyu, Volodymyr Muravskyi, and Wenjun Wei. 2024. “Evolution of Blockchain Accounting Literature from the Perspective of CiteSpace (2013–2023).” Heliyon 10(11):e32097. doi: 10.1016/j.heliyon.2024.e32097.
Liu, Manlu, Kean Wu, and Jennifer Jie Xu. 2019. “How Will Blockchain Technology Impact Auditing and Accounting: Permissionless versus Permissioned Blockchain.” Current Issues in Auditing 13(2): A19–29. doi: 10.2308/ciia-52540.
Maffei, Marco, Raffaela Casciello, and Fiorenza Meucci. 2021. “Blockchain Technology: Uninvestigated Issues Emerging from an Integrated View within Accounting and Auditing Practices.” Journal of Organizational Change Management 34(2):462–76.
Nakamoto, S. (2008). “Bitcoin: A Peer-to-Peer Electronic Cash System.”
Peters, G. W., & Efstathios Panayi. (2016). “Understanding Modern Banking Ledgers Through Blockchain Technologies: Future of Transaction Processing and Smart Contracts on the Internet of Money.” Pp. 239–78 in Banking Beyond Banks and Money, New Economic Windows, edited by P. Tasca, T. Aste, L. Pelizzon, and N. Perony. Cham: Springer International Publishing.
Pimentel, Erica, and Emilio Boulianne. 2020. “Blockchain in Accounting Research and Practice: Current Trends and Future Opportunities*.” Accounting Perspectives 19(4):325–61. doi: 10.1111/1911-3838.12239.
Pratiwi, Lady Liesdyana. 2022. “Implementasi Blockchain Pada Akuntansi Dan Audit Di Indonesia.” Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan 4(6):2185–2203.
Rahmawati, Mia Ika, and Anang Subardjo. 2023. “INTERNET OF THINGS (IoT) DAN BLOCKCHAIN DALAM PERSPEKTIF AKUNTANSI.” Jurnal Akuntansi dan Keuangan 28(1):28–36. doi: 10.23960/jak.v28i1.828.
Rîndaşu, Sînziana-Maria. 2019. “Blockchain in Accounting: Trick or Treat?” Quality-Access to Success 20(170).
Sari, Putri Indah. 2024. “INTEGRASI SISTEM INFORMASI AKUNTANSI DAN TEKNOLOGI BLOCKCHAIN DALAM PENGELOLAAN KEUANGAN.” Jurnal Ilmu Data 4(2).
Smith, Sean Stein, and John “Jack” Castonguay. 2020. “Blockchain and Accounting Governance: Emerging Issues and Considerations for Accounting and Assurance Professionals.” Journal of Emerging Technologies in Accounting 17(1):119–31.
Spanò, Rosanna, Maurizio Massaro, Luca Ferri, John Dumay, and Jana Schmitz. 2022. “Blockchain in Accounting, Accountability, and Assurance: An Overview.” Accounting, Auditing & Accountability Journal 35(7):1493–1506.
Tanjung, Ahmad Fuadi, and Patma Wati. 2023. “Penerapan Teknologi Blockchain dalam Akuntansi Syariah.” 8(2).
Published
2024-10-29
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