From Ledgers to Blockchains: Accounting's Cool New Makeover

Abstract

This paper dives into how blockchain might just shake up the old-school world of financial accounting, both now and in the future. Think about it: with blockchain, there's no need for that big central authority to oversee every little transaction or jot down every record. This could mean simpler, clearer accounting and less shady business. We're also looking into how decision-makers can blend blockchain into today's financial reporting system. But here's the kicker: even though blockchain could revolutionize accounting, it's not all sunshine and rainbows. There are bumps in the road, like getting everyone on the same page (standardization), managing its growth (scalability), and keeping things private. So, while blockchain has some major cool points, there are hurdles to jump before it goes mainstream in the accounting world.