The Impact of Blockchain Technology on Enhancing the Reliability of Financial Data

Abstract

The study aimed to investigate the perceived application of Blockchain technology among accountants, auditors, bankers, and other related professionals in Iraq and the statistical association between this perceived application and financial-information reliability, based on respondents’ perceptions of financial-information reliability. The study was designed as a field study using a five-point Likert scale. The analysis was based on 150 valid responses. Blockchain application was measured using ten items, and financial information reliability was measured using another ten items. Cronbach's alpha coefficient, descriptive statistics, Pearson and Spearman correlation coefficients, and simple linear regression were used. The results of the Blockchain scale showed acceptable internal consistency (α = 0.775), while the financial information reliability scale showed very high internal consistency (α = 0.989). The mean scores were 4.232 and 4.221, respectively. Pearson's correlation coefficient was positive but not statistically significant (r = 0.146, p = 0.076), and the regression model was also not statistically significant (R² = 0.021, F(1, 148) = 3.203, p = 0.076). The results indicate positive perceptions of Blockchain technology and the reliability of financial information. However, the current data do not provide sufficient evidence at the 5% significance level that perceived Blockchain application is statistically significantly associated with financial-information reliability.