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The use of blockchain technology in enterprise financial accounting information sharing

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  • Liyan Jiang

Abstract

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. 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. Empirical results reveal a notable enhancement in information-sharing efficiency by 25.7%, a 19.8% improvement in data accuracy, and a 13.6% reduction in financial information-sharing costs within the experimental group compared to the control group. This work provides compelling evidence that adopting blockchain-based information-sharing methods can effectively elevate data trustworthiness and security. Supported by systematic empirical findings, this work validates the significant potential of blockchain technology in the realm of enterprise financial accounting information sharing.

Suggested Citation

  • Liyan Jiang, 2024. "The use of blockchain technology in enterprise financial accounting information sharing," PLOS ONE, Public Library of Science, vol. 19(2), pages 1-17, February.
    • Handle: RePEc:plo:pone00:0298210
    DOI: 10.1371/journal.pone.0298210
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    References listed on IDEAS

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    1. Xiuli Wang & Fang Yao & Fushuan Wen, 2022. "Applications of Blockchain Technology in Modern Power Systems: A Brief Survey," Energies, MDPI, vol. 15(13), pages 1-22, June.
    2. Thomas Kitsantas, 2022. "Exploring Blockchain Technology and Enterprise Resource Planning System: Business and Technical Aspects, Current Problems, and Future Perspectives," Sustainability, MDPI, vol. 14(13), pages 1-17, June.
    3. Han, Hongdan & Shiwakoti, Radha K. & Jarvis, Robin & Mordi, Chima & Botchie, David, 2023. "Accounting and auditing with blockchain technology and artificial Intelligence: A literature review," International Journal of Accounting Information Systems, Elsevier, vol. 48(C).
    4. McCallig, John & Robb, Alastair & Rohde, Fiona, 2019. "Establishing the representational faithfulness of financial accounting information using multiparty security, network analysis and a blockchain," International Journal of Accounting Information Systems, Elsevier, vol. 33(C), pages 47-58.
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