ROLE OF BLOCKCHAIN TECHNOLOGY IN ACCOUNTING AND AUDITING

Abstract

The invention of the blockchain technology can be equated with the invention of the writing or Internet network, considering their major role in the communication between individuals as well as legal persons, regarding information transfer, money transfer etc. The authors analyse the technology, the implemented and projected examples of its use, its relationship with accounting and auditing as well as its influence on the development of these economic sciences.The development of accounting and auditing is linked to the development of modern technologies. Nowadays, according to the technological progress the role of blockhain technology is constantly increasing. Blockhain is a distributed database that maintains a continuously-growing list of data records secured from tampering and revision. Blockchain can be used in financial and banking sectors first of all, but also in e-government and administrative sectors.The implementation of blockchain technologies in accounting and auditing doesn’t change their fundamental principles but increases the auditing capacities. In some countries blockchain is adopted for auditing as a practical matter, including the national level.

Keywords

• blockchain
• accounting
• auditing
• information
• trust