Blockchain Technology in Accounting: A New Era of Transparency and Accuracy

Abstract

Abstract Blockchain technology is emerging as a transformative innovation in the field of accounting by enhancing transparency, accuracy, and reliability of financial information. Traditional accounting systems often face challenges such as data manipulation, lack of real-time reporting, and dependence on centralized control. Blockchain, with its decentralized and immutable nature, provides a secure platform for recording financial transactions in a transparent and verifiable manner. Each transaction is recorded in a distributed ledger that cannot be altered without consensus, reducing the chances of fraud and errors. This technology also supports real-time data sharing among stakeholders, improving trust and accountability in financial reporting. The study explores how blockchain can improve accounting practices, auditing processes, and financial decision-making while highlighting its benefits, challenges, and future potential in the accounting profession.