BLOCKCHAIN TECHNOLOGY IN ACCOUNTING: PROSPECTS AND CONSEQUENCES OF IMPLEMENTATION

Abstract

In the article was substantiated the essence of blockchain technology, examines its role, significance and directions of use in various spheres of public life. It has been established that the reason for the widespread use of blockchain to optimize business processes in various fields of activity lies in the advantages of this innovative technology, in particular, decentralization, transparency and security of data storage through the use of cryptographic information security mechanisms. At the same time, it was found that blockchain technology, despite its advantages, has disadvantages associated with the high network energy consumption, insufficient data storage capacity, scalability problems, lack of standardization and legal regulation of its implementation in various sectors of the economy. It is substantiated that one of the most acceptable business processes for using blockchain is accounting, since this technology is based on the double entry method, known in accounting practice, in which each transaction is recorded twice in the same amount for each of the parties to the transaction. It was found that the use of blockchain technology leads to the emergence of the so-called triple-entry accounting method. It is substantiated that the introduction of blockchain technology into accounting practice will create the prerequisites for optimizing a number of routine accounting processes, save resources on accounting, ensure accuracy, transparency and security of data, reduce the risk of distortion of accounting information and will build trust in the accounting institution. Taking into account the functionality of blockchain technology, possible directions for its use in the field of accounting are proposed, in particular for maintaining operational accounting in real time, accounting for accounts payable and receivable, accounting for the movement of the assets within an enterprise, carrying out a multilateral audit of transactions by all participants with access to blockchain networks.