Blockchain Technology: A Paradigm Shift in Accounting

Abstract

Blockchain, which is still a test technology, its current applications only address certain aspects of small projects. If technology matures, it may have the potential to transform industries and even the economy. It has the potential to bring about significant improvements in accounting and auditing, even in all whole of the financial markets. Blockchain technology is something that is often talked about in the same context as bitcoin. The technology in question others have been regarded as the fourth industrial revolution, which will change the way we conduct business. There are many educational articles which reveal what benefits blockchain can provide for accounting and research, but most a few studies done by asking what the auditors think about technology. This is the first study of its kind in India, and Firms who are often the first users of technology, consultants in India can be considered a good notion.Blockchain technology and many applications have become a major source of new ideas and solutions for the financial sector. The title containing the term "blockchain" is attracting a lot of media attention and new beginnings to improve something in the blockchain get a bigger investment. But a blockchain theoretical framework or the financial industry is always green and the evidence is insufficient. In this study, we explore the theoretical framework of blockchain applications in accounting, identifying key benefits and a lower case, and discuss its implications for auditing and general accounting and credit risk management especially.