Blockchain – the accounting perspective

Blockchain remains still an experimental technology, with current applications addressing only some elements of small-scale projects. Once the technology matures however, it has the potential to transform industries and even the economy, as it begins to integrate complementary technologies such as AI and IoT. It has the potential to bring fundamental changes to financial accounting and auditing, and even to entire financial markets. This paper explores the potential for blockchain applications in accounting, identifying major benefits and shortcomings, and analysing opportunities and possible threats. We investigate mainly the organizational challenges raised by an accounting blockchain systems and its potential to enhance the accounting activity. We discuss blockchain’s potentially disruptive effect on the accounting profession, and conversely, the potential role of this professions in further developing blockchain technology.