A Study on Perception of Professional Accountants towards Blockchain Adoption in Accounting Practices

Abstract

The adoption of blockchain technology in accounting holds significant potential for transforming traditional practices and addressing longstanding challenges in the field. Blockchain's decentralized and immutable ledger system enhances transparency by providing a clear and tamper-proof record of all financial transactions which is crucial for improving the integrity and reliability of financial reporting, thereby increasing stakeholder trust. Blockchain technology offers robust security features that can protect sensitive financial data from breaches and unauthorized access. In an era where cyber threats are increasingly sophisticated and prevalent,  the cryptographic nature of blockchain ensures that records are secure and resistant to fraud, reducing the risk of financial misconduct. The study explores the relationship between the demographic profiles of professional accountants (age, occupation, and years of experience) and their perceptions of blockchain adoption. The findings reveal a strong belief in the benefits of blockchain for increasing transparency and security in accounting, though high implementation costs remain a significant concern.