This work employs a randomized experimental design approach, using a computer-generated random number program to divide 100 enterprises into experimental and control groups, each comprising 50 enterprises. Enterprises in the experimental group share financial accounting information using smart contracts on the Ethereum platform during the experiment. The financial personnel of these enterprises upload reconciled data to the corresponding smart contracts using the enterprise’s digital signatures after each month’s accounting process. Enterprises in the control group continue to use traditional methods of financial accounting information sharing (such as email and web platforms) to share financial data files directly. Quantitative analysis is performed to compare the data between the experimental and control groups.

3 New business models involved

O’Leary (2017) focuses on the transfer of peer-to-peer data by analyzing the public accessibility of data transmitted through blockchain technology as a market mechanism between organizations. This work intends to comprehensively analyze the application of blockchain technology in enterprise financial accounting information sharing and address prevalent issues such as information opacity, data tampering, and data security in the current practices. Therefore, it writes smart contracts based on the Ethereum platform to achieve the secure sharing of financial accounting information between enterprises.

How can Blockchain technology transform the Accounting industry?

Mainly, the first node with height 1 refers to the traceability and transparency of corporate voting. The decision to vote at the shareholders’ meeting based on blockchain technology leads to numerous challenges, especially accounting and auditing. The second strand of research is based on verification and possible processes based on public or private blockchain, which companies could use to share audit firms’ audit processes.

Voluntary roles

Anyone could aggregate the firm’s transactions into the form of an income statement and balance sheet at any time, and they would no longer need to rely on quarterly financial statements prepared by the firm. LDA allows us to explore latent relationships between terms and topics in a sample, identify the most representative articles for each topic and identify the trends within the topics. Using LDA helps us capture the idea of a document being composed of a (predetermined) number of topics that represent a probability distribution over a vocabulary. The number of topics is optimised using grid-search and coherence of topics (Röder et al., 2015). The model also supplies a list of articles that most strongly “belong” to each topic. Fig 7 reveals that TESM demonstrates a relatively stable trend in data security over different iterations.

Moreover, the perceived ease of use of blockchain tools and platforms plays a crucial role in facilitating their adoption among accounting educators. Faculty members are more likely to embrace blockchain integration when they perceive it as user-friendly and accessible. Furthermore, accounting faculty members’ attitudes towards blockchain emerge as a significant determinant of its adoption in accounting education. A positive attitude towards blockchain technology fosters a favorable environment for its integration into the curriculum, encouraging experimentation and exploration of its potential applications in accounting pedagogy. Furthermore, adequate organizational support emerges as a key enabler for facilitating the successful adoption and integration of how to prepare for an audit education. Educational institutions and policymakers need to recognize the importance of providing resources, training, and institutional support to empower faculty members to effectively incorporate blockchain technology into their teaching practices.

RQ1 and RQ3 declare the main goals of the systematic review process related to research, while RQ2 clarifies our additional intention to investigate practical and managerial implications. This effectively means that Person A has a copy of all of their information as does Person B, and as does the next person. In a decentralized environment, all participants have access to the same information and users can then choose to share it or not. Information will no longer need to be aggregated and stored in central databases as it will be stored everywhere at once and, if desired, under direct user control rather than the company offering the service. As shown in the graphic below, the next stages on the hype cycle for blockchain are the slope of enlightenment and the plateau of productivity.

The implementation of the technology involves addressing significant challenges, but also has numerous potential advantages. TAM, developed by Davis (1989), has been widely used to understand the acceptance and adoption of new technologies in various contexts, including education (Granić and Marangunić, 2019; Al-Rahmi et al. 2022; Al-Hattami, 2023; Al-Adwan et al. 2023; Lin and Yu, 2023). This study seeks to provide insights into the factors affecting faculty members’ intentions by applying TAM to blockchain adoption in accounting education. Although blockchain technology offers promising benefits, its incorporation into accounting education remains underexplored. Critics argue that traditional accounting curricula often struggle to keep pace with technological advancements, potentially compromising the relevance of accounting education in the rapidly changing professional landscape (Qasim and Kharbat, 2020; Al-Hattami, 2021, 2023).

1. Monitoring what happens in real time rather than testing (selectively) and reconciling what happened in retrospect is a substantial departure from contemporary audit techniques.
2. This study fills this gap by introducing a conceptual model based on TAM, which sheds light on the factors that influence blockchain adoption and integration in accounting education.
3. Finally, new research can be addressed to assess immutability toward stakeholders, such as tax authorities, banks and shareholders.
4. Many studies have found a positive relationship between PEU and perceived usefulness (PU) in the context of technology adoption.

Additionally, 13% of the authors focus on public blockchain, among which Shahriar Rahman et al. (2020)’s contribution is interesting. For authors, a public mechanism based on the global data cloud may exist if there are mechanisms for reporting misconduct by users that undermine other users’ trust. Using a quantitative approach, Marrone and Hazelton (2019)’s study explores the link between the terms “technology” and “disruption” in the accounting literature, highlighting the research now dealing with blockchain and the aims of managing it. Consistent with our results, their investigation invites future scholars to identify application cases. The parts of accounting concerned with transactional assurance and carrying out transfer of property rights will be transformed by blockchain and smart contract approaches.

She has authored several papers in the field of strategy, intangibles and sustainability. Therefore, future research should avoid descriptive analysis and focus on interviews and case studies to create a fruitful collaboration between academics and practitioners. Moreover, immutability and transparency present favorable theoretical evidence, especially for accountability, in providing interdisciplinary responses and accountability in organizations and society (Guthrie and Parker, 2004). This subsection aims to investigate the blockchain characteristics identified. Based on Dai and Vasarhelyi’s (2017) idea, this system can act as an intermediary.

In a triple-entry accounting system, a debit, credit, and a third entry is recorded. Blockchain makes it possible to write verified transactions to a distributed ledger in a secure fashion, without a central authority, between untrusted parties, creating an undeniable past, value for each node and adding value (trust) to those transactions. Derek is a financier and qualified accountant and worked for the Big Four accounting firms, before joining BusinessTechWeekly.com as https://www.adprun.net/how-to-void-a-check/ deputy online editor. Derek writes passionately about AI, cryptocurrency and blockchain, and the future of finance. He graduated from London University, Derek has a passion for English literature and lives in Hampshire with his wife and 2 children. Businesses have already begun taking advantage of these opportunities created by blockchain technology, leading to increased efficiency and reduced operational costs while improving customer experience and satisfaction levels.

Monitoring what happens in real time rather than testing (selectively) and reconciling what happened in retrospect is a substantial departure from contemporary audit techniques. And going back to blockchain, things like smart contracts, that’s absolutely something where the profession needs to play a role with the SOC standard and give some level of trust that people’s smart contracts are written properly. There are signs that the accounting profession is entering a new age of enlightenment https://www.kelleysbookkeeping.com/ with blockchain. With smart contracts, transactions automatically go through when certain conditions are met. This helps accounting professionals and organizations automate jobs like payroll and reconciliations.This would save organizations on costs linked to manual entry errors such as administrative expenses. When transitioning any system from traditional methods of accounting to one using blockchain technology, it is essential to consider data security and audit trails.

The public set represents virtually irrefutable evidence of the underlying transactions. It is important to note that organizations can control access to the data, both in terms of who can access the data and what data can be accessed. Understanding these factors can aid in the design of educational programs that enrich the learning experience, ultimately producing graduates proficient in emerging technologies (Qasim and Kharbat, 2020; Stern and Reinstein, 2021).