Abstract
When designed, technologies and frameworks are not created to be as dynamic and flexible as to cater to the requirements of other domains, and so is the case with Blockchain technology. Specifically designed for cryptocurrency, Blockchain was not intended to be used in other domains. However, during the past few years, critics argued that Blockchain has the potential to deal with some unique requirements like confidentiality and immutability and can therefore be deployed in several areas other than cryptocurrency. The use of Blockchain to support Accounting Information Systems (AIS) through enterprise resource planning (ERP) is another motivating domain to investigate in this research. ERP is another promising technology that has gained significant attention across the globe. In this research, a hybrid solution is proposed to ensure AIS data integrity against any deliberate attempt or mala-fide intention for alteration or deletion from the database that can be verified at any later stage. Since Blockchain can be used to prevent any mutability in the stored data, the proposed solution presents a concept of Data Vaults backed by the Blockchain. To this end, we apply cryptographic primitives like SHA256 on the data inside the block and then chain that block to secure data vaults. So far, Blockchain has not yet proven itself as an alternative to any traditional database system. However, it can be applied in conjunction with the Relational Database Management Systems (RDBMS) to provide cost-effective yet robust solutions. This research demonstrates the application of a simple and lean version of Blockchain to assist enterprises in storing their financial and accounting data into data vaults, ensuring their data integrity against any alterations. The suggested cost-effective framework can be easily integrated into AIS and ERP systems to identify data breaches.
Highlights
Data is an integral part of an accounting information system (i.e., Accounting Information Systems (AIS)); it requires special consideration while dealing and handling, and data stores in the DB are secure and safe but to a certain extent
On a location other than their systems. Such systems can ensure that the auditors and financial regulatory authorities can ensure that the data are authentic, tamper-proof, and there would be no data alteration in the future as a replica or true copy is available and saved in the Data Vault
In his whitepaper, discussed the challenges involved in the ownership of the cryptocurrency and presented a solution that formed the conceptual foundations of Blockchain [17]
Summary
Data is an integral part of an accounting information system (i.e., AIS); it requires special consideration while dealing and handling, and data stores in the DB are secure and safe but to a certain extent. ERP systems are developed based on the principle that all system modules use a shared data repository, enabling the integration of transactional and processed data [8]. The idea for creating Blockchain was to eliminate the involvement of any third party in the transactions and store data on a peer-to-peer, decentralized network [12] Nakamoto, in his whitepaper, discussed the challenges involved in the ownership of the cryptocurrency and presented a solution that formed the conceptual foundations of Blockchain [17]. The exchange of healthcare information and its use for diagnosis and research purposes can be achieved by implementing smart contracts without involving third parties These data can be accessed through Public, Private, and consortium Blockchain [30]. Sony Global Education applied Blockchain to store and manage more than 150,000 participants from over 80 countries [34], [35]
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