How Blockchain and Artificial Intelligence Will Effect the Cloud-Based Accounting Information Systems?

Abstract

AbstractDigitalization reduces unnecessary workload by accelerating and diversifying business processes and enables it to focus on more useful areas. In this context, the transformation of accounting in the digital age aims to ensure efficiency in accounting transactions with real-time accounting information system integration. In terms of real-time accounting, it is important to benefit from the power of new technologies by connecting all current technologies to every stage of financial accounting processes and to establish a solid integrated system. The contribution of every new technology to the process is inevitable within the scope of cloud-based accounting information systems. In order to find an answer to the question of how artificial intelligence and blockchain technologies will affect cloud-based accounting systems, a detailed literature review has been conducted and discussed conceptually. In this context, the study focuses on the advantages of cloud-based accounting systems unlike traditional accounting systems, the effectiveness of blockchain and artificial intelligence technologies in accounting processes, and the synergy of blockchain and artificial intelligence. Today, accounting basic functions have been significantly integrated into artificial intelligence technology. Decentralized artificial intelligence emerging as a combination of artificial intelligence and blockchain allows the processing of reliable, digitally signed, and secure shared data that is stored on a decentralized and distributed blockchain without trusted third parties or intermediaries. The basic understanding of this decentralized, reliable, and secrecy system is based on the reliability and credibility of information. Central data storage can be highly sensitive in terms of security and privacy when it contains personal and private data about users, operations, and financial information. Artificial intelligence applications can expose the capacity and scaling issues of the centralized infrastructure that needs to process, transform, and store big data sets. Blockchain-based decentralized storage infrastructure will simplify cryptographically secure data storage across participatory networks. Thus, technology integration will offer benefits such as enhanced data security, collective decisions making, decentralized intelligence, and high efficiency. Multi-user accounting processes involving stakeholders such as business management, regulators, financial institutions, or government are inherently inefficient by reason for the multilateral authorization of business transactions. The integration of artificial intelligence and blockchain will enable automatic and rapid verification of data-asset-value transfers between different stakeholders. Thus, it is clear that the stakeholders involved in the process (financial advisors, auditors, public and fiscal authorities, shareholders, creditors) will also provide practical solutions to all their needs.KeywordsAccounting information systemCloud accountingArtificial intelligenceBlockchain