Prospects for Using Blockchain Technology in Accounting

Анотація

The purpose of the article is the theoretical basis and further prospects for the use of blockchain technology in modern accounting. The study examines the theoretical and technical aspects of blockchain functioning. The essence of the distributed registry technology and the security of transaction records are substantiated. The article highlights the basics of miners’ work and the concept of remuneration in the form of cryptocurrency. As a rule, these are commissions from all participants of transactions recorded in the block, and remuneration from the network itself. The possibility of using blockchain in the modern accounting system is analyzed. The main advantages and disadvantages of using this technology in the process of accounting operations are considered. Among researchers of this theory there are both supporters and opponents. The emphasis is placed on saving information in the blockchain network due to the fact that information is not stored in one place and it cannot be changed. In the blockchain registers with data about the owners of assets cannot be forged. It is noted that the ambiguity of the domestic regulatory framework may be an obstacle to the implementation of the blockchain platform in the accounting sphere. There are often cases when explanations are published with different points of view on the same aspect of accounting. It is proposed to introduce new technologies gradually in the form of software for tax accounting and control systems. The new technology will effectively combat fraud and significantly expand the ability of regulatory authorities to track the organization’s activities, make accounting transparent, and allow it to be conducted in real time. The development of information technologies will increasingly penetrate all areas of the economy. At the same time, even in the future, the blockchain will not replace traditional accounting, but only complement it. Thus, its influence will be most noticeable in the sphere of control over settlements between different contractors or with the state. The need for further research on the use of blockchain in the field of accounting was noted.

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