Journal
JOURNAL OF INFORMATION SYSTEMS
Volume 31, Issue 3, Pages 5-21Publisher
AMER ACCOUNTING ASSOC
DOI: 10.2308/isys-51804
Keywords
blockchain; smart contract; future accounting; future assurance
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Since 2009, blockchain has served as a potentially transformative information technology expected to be as revolutionary as the Internet. Originally developed as a methodology to record cryptocurrency transactions, blockchain's functionality has evolved into a large number of applications, such as banking, financial markets, insurance, voting systems, leasing contracts, and government service. Despite such advancements, the application of blockchain to accounting and assurance remains under-explored. This paper aims to provide an initial discussion on how blockchain could enable a real-time, verifiable, and transparent accounting ecosystem. Additionally, blockchain has the potential to transform current auditing practices, resulting in a more precise and timely automatic assurance system.
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