A Detailed Analysis of Blockchain Technology in Modern Accounting

This report provides an overview of blockchain technology and its application within the field of accounting. It begins by defining blockchain as a decentralized digital ledger facilitating peer-to-peer transactions without intermediaries. The report then outlines five key principles of blockchain: distributed database, peer-to-peer transmission, transparency with pseudonymity, irreversibility, and immutability of records. It emphasizes the relevance of blockchain in accounting, highlighting its potential to improve efficiency, enhance transparency, and reduce fraud. The report also acknowledges the challenges associated with blockchain technology, such as its complexity and potential for cumbersome implementation. Finally, it references the source of the information.