Exploring the Digital Transformation of Enterprise Finance Based on the Finance Sharing Model

Abstract

Blockchain is one of the key technologies for the digital transformation of corporate finance because it satisfies the requirements of enterprise financial sharing with its features of contract execution, openness and transparency, decentralized distributed ledger, traceability, and non-tampering. In order to support business digital transformation under the financial sharing model, blockchain technology is used in this study, along with an analysis of the internal and external factors influencing enterprise financial digital transformation. In order to guarantee data security and enhance the processing efficiency of the financial sharing center, the Byzantine fault-tolerant RAFT algorithm is adopted as the private chain’s consensus algorithm, and PBFT is adopted as the federated chain’s consensus algorithm. These decisions are based on the compatible architecture of blockchain technology and the characteristics of financial sharing. The financial sharing center’s effects are assessed in relation to Enterprise A’s blockchain-based financial activity application system. According to Enterprise A’s cash flow statistics, paid employee compensation fell in 2018 from 2.943 billion to 2.864 billion. The audit and accounting industry may streamline procedures, expedite processing, lower labor and time expenses, and achieve favorable outcomes by utilizing the financial shared service model under the blockchain paradigm.

Keywords

• blockchain technology
• consensus algorithm
• financial shared model
• financial digital transformation
• 11a63