EXPLORING THE IMPLICATIONS OF BLOCKCHAIN TECHNOLOGY ON FINANCIAL ACCOUNTING IN NIGERIA: OPPORTUNITIES AND CHALLENGES

Abstract

Blockchain is a shared, distributed ledger that facilitates the process of recording transactions and tracking assets in a business network. Blockchain experts can agree that this technology is almost indestructible, provides high-end cryptography security, transparent and publicly verifiable. It is frequently utilized in numerous cash transactions such as, advanced resources, settlement and on-line payment. Blockchain technology has emerged as a transformative force in various industries, and its potential impact on financial accounting in Nigeria cannot be overlooked. As a decentralized and transparent ledger system, blockchain offers numerous opportunities for enhancing the efficiency, accuracy, and security of financial transactions. In this particular chapter the author presented the implication of Blockchain technology and explore the opportunities and challenges during the implication on Financial Accounting in Nigeria.