Education, Science, Technology, Innovation and Life
Open Access
Sign In

A Review of Research on the Impact of Blockchain on Financial Reporting

Download as PDF

DOI: 10.23977/accaf.2022.030108 | Downloads: 110 | Views: 1459

Author(s)

Siyue Qin 1

Affiliation(s)

1 College of Economics and Management, North University of China, Taiyuan, Shanxi, 030051, China

Corresponding Author

Siyue Qin

ABSTRACT

With the rapid development of the Internet, blockchain technology is developing and maturing daily. This paper compares the positive impact of blockchain on three aspects: accounting bookkeeping, accounting information quality and digital financial information. Blockchain, with its distributed bookkeeping and timestamp technologies, can effectively improve accounting bookkeeping procedures and solve the problems of traditional bookkeeping, which is time-consuming and easy to tamper with. Its digital signature technology, timestamp, and real-time data transmission technology can enhance the timeliness, security, and reliability of enterprise financial information. Innovative contract technology can make inter-enterprise transaction procedures completed automatically and recorded in real-time to realize the digitization of financial data and achieve the goal of enterprise economic integration. This paper also finds that, due to the incomplete development of existing technologies, most of the scholars' research remains in the theoretical stage; they are mostly optimistic about the widespread application of blockchain in practice and less consider the problems that will arise during the practical application. This paper also presents some outlooks for the future of financial reporting based on existing literature and research, where enterprise financial management systems will be reshaped, and financial reporting will be more intelligent, secure, and personalized.

KEYWORDS

Blockchain, financial reporting, digital financial information

CITE THIS PAPER

Siyue Qin, A Review of Research on the Impact of Blockchain on Financial Reporting. Accounting, Auditing and Finance (2022) Vol. 3: 51-58. DOI: http://dx.doi.org/10.23977/accaf.2022.030108.

REFERENCES

[1] Wang Hao. Exploring the application of blockchain technology in accounting courses [J]. Science and Technology Economic Market, 2021(3):3-4
[2] You Jing, Zhong Ling, Wei Xiangjian. Reflections on the impact of blockchain on accounting assumptions[J]. Business Accounting, 2019, (13):87-89.
[3] Feng Bingchun, Wu Xiaoxia. Research on the impact of digital economy on enterprise accounting business[J]. Journal of Beijing Institute of Finance and Trade, 2020, vol. 36(5):16-20.
[4] Ouyang W.L., Wang T. Discussion on the impact and development of blockchain technology on accounting industry [J]. Science and Technology Economic Market, 2020(5):26-27.
[5] Guo Xinlin, Tang Ling. Exploration on the application of blockchain technology in the field of financial accounting [C]//Proceedings of the Conference on Labor Security Research (XIII). [publisher unknown],2021:120-121.
[6] Han Suting. Research on the application mode of blockchain technology in accounting industry [D]. Hefei University of Technology blockchain technology on accounting presentation reshaping science, 2020.
[7] Chen Yilong, Shen Hong. Opportunities and challenges faced by enterprise financial accounting in the context of blockchain technology [J]. Economist, 2020(6):81-82,84. 
[8] Guo X, Zhao LQ, Lv JD. Application and reflection of blockchain in the field of accounting--a review of domestic and international literature [J]. Business Accounting, 2021, (21):51-54.
[9] Cui Huimin. Research on reconstructing enterprise value chain system based on blockchain technology [J]. Friends of Accounting, 2021, (24):150-156.
[10] Liu Guangqiang, Gan Shengdao, Zhang Yumei. Research on the reliability of accounting information based on blockchain technology [J]. Friends of Accounting, 2021, (14):150-155.
[11] Zeng Xueyun, Ma Bin, Xu Jingchang et al. Future applications of blockchain technology in finance and accounting: an analytical framework[J]. Finance Research, 2017, (6):46-52.
[12] Hu QL. Research on the application of blockchain technology in the field of accounting based on the perspective of "One Belt, One Road"[J]. Finance and Accounting Communication, 2019, (25):100-104.
[13] Wang Linhui. Research on trustworthiness guarantee mechanism of accounting information system based on blockchain technology [D]. Capital University of Economics and Business, 2018.
[14] Li Zhiguo. Research on the application of financial system based on blockchain [D]. China University of Geosciences (Beijing), 2018.
[15] Hu Jing. The change of blockchain technology on accounting industry and its application challenges [J]. Journal of Hubei College of Economics (Humanities and Social Sciences Edition), 2020, vol. 17(8):70-73.
[16] Qin Rongsheng. Financial innovation development in the digital era [J]. Finance and Accounting, 2020, (1):7-9.
[17] Zhang Qinglong. Motivation and technological impact of digital transformation of financial shared services [J]. Finance and Accounting Monthly, 2020, (15):12-16.
[18] Su Heng. Blockchain technology - opportunities and challenges for the accounting industry [J]. Journal of Hunan Academy of Humanities and Science, 2021, vol. 38(5):75-79.  

Downloads: 7856
Visits: 79234

All published work is licensed under a Creative Commons Attribution 4.0 International License.

Copyright © 2016 - 2031 Clausius Scientific Press Inc. All Rights Reserved.