Revolutionizing Accounting and Assurance: The Untapped Potential of Blockchain
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Abstract
Since its inception in 2009, blockchain has been touted as a revolutionary technology, potentially transforming various industries like the Internet. Originally used to record cryptocurrency transactions, blockchain has evolved to have diverse applications in areas such as banking, finance, insurance, voting systems, leasing contracts, and government services. However, the potential for blockchain in accounting and assurance remains relatively untapped. This paper aims to discuss how blockchain could revolutionize the accounting ecosystem by providing real-time, verifiable, and transparent financial information. Furthermore, blockchain has the potential to automate and improve auditing practices, resulting in more accurate and timely assurance processes.