Implications of Blockchain Application to Accounting Education and Accounting Practice

Abstract

Accounting is part of the information system of a company that generates the most important information for the decision-making process. This process should be supported by new technologies to respond to all business requirements. Disruptive technologies change the way of performing business transactions and their implementation in business practice was notably accelerated by the pandemic. In this context, Blockchain technology has been articulated as the future of the accounting profession and there is a growing body of research regarding the impact of the blockchain on accounting practice and the accountancy profession. Many advantages arise from blockchain technology's distinctiveness, but also many risks that need special attention. Consequently, evolving conditions require professional accountants around the world to master new skills related to emerging information technologies. Being accustomed to information technologies is one of the basic prerequisites for the quality service that professional accountants offer to clients. Accounting education, especially at universities, has an important role in forming competent professional accountants and enabling required skills that are an essential part of professional competence. Accounting education has a challenging role in this context to incorporate and transfer knowledge regarding new technologies. This paper aims to analyse the recent research to investigate the impact of blockchain technology on accounting practice. The paper also focuses on the analyses of means of the inclusion of blockchain technology into accounting education and curriculum, by conducting a literature review of relevant sources. Research findings enable further understanding of the implications of blockchain technology in the accounting context, both for accounting practice and accounting education. Results can serve accounting educators since this topic is not sufficiently explored and needs further analysis.