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Blockchain Technology and Its Potential Effects on Accounting: A Systematic Literature Review

Author

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  • Asuman Atik

    (Marmara University, Faculty of Business Administration, Department of Accounting and Finance, Istanbul, Turkey)

  • Goksal Selahatdin Kelten

    (Pamukkale University, Faculty of Economics and Administrative Sciences, Department of Accounting and Finance, Denizli, Turkey)

Abstract

With the growth of the business world, autonomous software programs such as MRP, ERP, and SAP have been used to synchronize different units and departments since the 1960s. There have been great technological developments in the last decades, such as Blockchain, the Internet of Things, artificial intelligence, and machine learning. The attention of the accounting world has also been on those technological developments, especially on Blockchain Technology. Accounting academics and professionals have been trying to understand how blockchain technology can affect accounting and what kind of changes might be brought about by that technology. Therefore, the purpose of this study is to make a systematic literature review in order to foresee the potential effects of blockchain on accounting. Selected keywords were searched for on the Scopus database. The results show that most of the studies in this area focus on technical issues and the development of software applications, and a small number of studies make a connection between blockchain and accounting. Although most of the authors are very optimistic about blockchain technology and claim that this technology may change the double-entry accounting system completely and radically, some have discrete approach and express critical views.

Suggested Citation

  • Asuman Atik & Goksal Selahatdin Kelten, 2021. "Blockchain Technology and Its Potential Effects on Accounting: A Systematic Literature Review," Istanbul Business Research, Istanbul University Business School, vol. 50(2), pages 495-515, November.
    • Handle: RePEc:ist:ibsibr:v:50:y:2021:i:2:p:495-515
    DOI: 10.26650/ibr.2021.50.806870
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    References listed on IDEAS

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    1. David Yermack, 2013. "Is Bitcoin a Real Currency? An economic appraisal," NBER Working Papers 19747, National Bureau of Economic Research, Inc.
    2. Vincent, Nishani Edirisinghe & Skjellum, Anthony & Medury, Sai, 2020. "Blockchain architecture: A design that helps CPA firms leverage the technology," International Journal of Accounting Information Systems, Elsevier, vol. 38(C).
    3. Wang, Yunsen & Kogan, Alexander, 2018. "Designing confidentiality-preserving Blockchain-based transaction processing systems," International Journal of Accounting Information Systems, Elsevier, vol. 30(C), pages 1-18.
    4. Baur, Dirk G. & Hong, KiHoon & Lee, Adrian D., 2018. "Bitcoin: Medium of exchange or speculative assets?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 54(C), pages 177-189.
    5. Jesús Calderón & Theophanis C. Stratopoulos, 2020. "What Accountants Need to Know about Blockchain," Accounting Perspectives, John Wiley & Sons, vol. 19(4), pages 303-323, December.
    Full references (including those not matched with items on IDEAS)

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