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Impacts of Blockchain on Accounting in the Business

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  • Nguyen Phu Giang
  • Hoang Thi Tam

Abstract

There have been many studies on the blockchain, however blockchain research in the accounting field is scarce. The article outlines the characteristics and steps to apply blockchain in accounting. The article also identifies and measures the factors affecting the application of blockchain in accounting in enterprises, proving that the application of blockchain impacts the quality of the accounting information system of enterprises. The article shows that incorporating blockchain in accounting will help the accounting at businesses optimize the security, safety, and transparency of accounting information. We collected data on 195 manufacturing firms in six sectors. This study’s primary data analysis method is the SEM structural equation modeling method. The article used AMOS software to evaluate and measure the influence of each factor on the application of blockchain and the effect of blockchain on the accounting information system in enterprises. The article analyzed four aspects: the level of information technology of the accountant (IT), Information Security Infrastructure (SI), Training (TR), and Legality and Regulation (LR), affecting the application of blockchain in the business. The independent variables TR (training) and IT (information technology) have an impact on BL (Blockchain). We also find that the independent variable IT (information technology) has the most substantial impact on Blockchain adoption, followed by the independent variable TR (training), which has the second most influential impact on Blockchain adoption. For the accounting information system, the results show that applying blockchain will substantially impact accounting information, along with the safety factor of information infrastructure SI also has an evident influence. The results show that applying blockchain in accounting, information technology, and professional training are core issues with significant influence. The issue of guaranteed infrastructure also determines the effectiveness and efficiency of blockchain applications for accounting information systems. I declare that this is my scientific work; it is my original work. I commit that all data sources and ideas are my research and have never been published anywhere.

Suggested Citation

  • Nguyen Phu Giang & Hoang Thi Tam, 2023. "Impacts of Blockchain on Accounting in the Business," SAGE Open, , vol. 13(4), pages 21582440231, December.
    • Handle: RePEc:sae:sagope:v:13:y:2023:i:4:p:21582440231222419
    DOI: 10.1177/21582440231222419
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    References listed on IDEAS

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    1. Sebahattin Demirkan & Irem Demirkan & Andrew McKee, 2020. "Blockchain technology in the future of business cyber security and accounting," Journal of Management Analytics, Taylor & Francis Journals, vol. 7(2), pages 189-208, April.
    2. Giang Nguyen Phu, 2023. "Factors Affecting the Use of Best Available Techniques and the Impact on Business Sustainability," International Journal of Asian Business and Information Management (IJABIM), IGI Global, vol. 14(1), pages 1-18, January.
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    4. Boon Seng Tan & Kin Yew Low, 2019. "Blockchain as the Database Engine in the Accounting System," Australian Accounting Review, CPA Australia, vol. 29(2), pages 312-318, June.
    5. Mohammad Najjar & Ihab H. Alsurakji & Amjad El-Qanni & Abdulnaser I. Nour, 2023. "The role of blockchain technology in the integration of sustainability practices across multi-tier supply networks: implications and potential complexities," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 13(1), pages 744-762, January.
    6. Cynthia Weiyi Cai, 2021. "Triple‐entry accounting with blockchain: How far have we come?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 71-93, March.
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