Blockchain Technology: Heart of Digital Financial Infrastructure for Managing Trust and Governance System

Abstract

This paper attempts to discuss how the block chain technology forms the core means of logging data transactions with date and time stamped, verified via decentralization in the accounting system of any company. This digital platform leads to data transparency, automated review and eliminating errors at core level through integrated system of distributed ledger technology (DLT). A diagrammatic model of Digital Financial Infrastructure is presented which showcases the effectiveness of block chain technology in an accounting system. It streamlines the financial reporting and auditing process via digital auditing for managing trust of stakeholders and thereof improving the governance system by increased chances of uncovering fraudulent activity of any organization. A SWOT analysis of block chain technology in an accounting system is presented and discussed, which kindle some of the recent studies of block chain technology in accounting system. Further, this paper sums up, how this digitalization can hit the boundaries of the country’s economic archetype and contributes to the shift in economic paradigms.