BLOCKCHAIN TECHNOLOGIES: TRENDS AND PERSPECTIVES IN ACCOUNTING AND AUDITING

Abstract

Blockchain technology plays an indispensable role in modern business in terms of the advantages it offers over traditional accounting records. These advantages are reflected in the fact that it enables real-time accounting reporting and auditing. Considering that it is a new technology, people are still not familiar with all its advantages and disadvantages. In the following years, further application of blockchain technology in accounting and auditing and raising this business sector to a higher level is expected. Modern business is full of uncertainties and challenges, both for owners and managers, and for all other interested parties. In such conditions of uncertainty, accurate information is the key. For all stakeholders, starting from the state, through employees, suppliers, customers, even managers and company owners, to have complete and accurate information, it is necessary to develop such an information system in the company that will provide accurate and transparent information. Under the conditions of double-entry bookkeeping and the implementation of ERP (Enterprise Resource Planning [ERP]), concealment of information, creation of false reports and the like often occurred, because there were many participants in recording these transactions. However, after 2009, when cryptocurrency appeared, which is based on blockchain technology, the same technology began to be applied in other spheres of business, including accounting and auditing. Thanks to blockchain technology, the functioning of triple bookkeeping instead of the previous double bookkeeping and the recording of all transactions through a database accessible to everyone has been made possible, so that the company's operations have become more transparent, and the decisions made on the basis of that data have become more correct. However, blockchain as a technology is constantly developing and represents a real technological revolution, so that in the coming period even more efficient operations of accountants and auditors are expected. Thanks to blockchain technology, the possibility of malfeasance and fraud has been reduced to a minimum, and therefore its value is greater. Regarding the value of this technology, the question arises - has the workplace of accountants and auditors become insecure and questionable? The goal of this work is to point out the importance of applying blockchain technology in accounting and auditing, but also to point out the importance of accounting personnel despite the application of artificial intelligence in the process of recording business changes and reporting. The authors explained the advantages of blockchain technology and explored why it is characterized by decentralization in addition to security. In this paper, the authors deal with the problems of accounting regulation and its role in the financial sector.