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Features of Blockchain Technology and the Possibility of Its Application in Auditing
Lukanovska I. R.

Lukanovska, Iryna R. (2024) “Features of Blockchain Technology and the Possibility of Its Application in Auditing.” Business Inform 1:273–278.
https://doi.org/10.32983/2222-4459-2024-1-273-278

Section: Accounting and Auditing

Article is written in Ukrainian
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UDC 657:004

Abstract:
The article examines the history of the emergence of blockchain technology in order to understand its widespread implementation in many areas of modern human activity. It is defined that blockchain technology can be used to create an immutable or perpetual ledger for tracking orders, payments, invoices and other transactions. Thus, the researched technology is suitable for use in the field of finance and accounting. At its core, blockchain represents a type of distributed ledger technology, which is based on a token as an accounting object. This opens up opportunities for faster and more efficient financial transactions, as well as for the creation of new types of financial instruments. As a result of the study, the features of this innovative technology are revealed, namely: decentralization and immutability of data. The widespread use of blockchain technology in various fields has not bypassed auditing. In accounting and auditing, blockchain can serve as the basis for decentralized accounting systems, where every transaction is recorded and stored in on-chain blocks, ensuring that they are immutable and consistent. This can facilitate auditing, promote accounting accuracy, and provide greater transparency in financial operations. It is substantiated that the introduction of blockchain technology by auditing entities has a number of advantages and risks, which are described in the presented methodological study. Prospects for further research in this direction are to determine the efficiency of the use of the latest information technologies in the work of auditing entities and assess the potential risks that can arise in the auditing process.

Keywords: blockchain technology, audit, auditing, auditing entities, accounting, finance, financial reporting, information technology.

Fig.: 3. Bibl.: 9.

Lukanovska Iryna R. – Candidate of Sciences (Economics), Associate Professor, Candidate on Doctor Degree, Department of Accounting and Taxation, West Ukrainian National University (11 Lvivska Str., Ternopil, 46009, Ukraine)
Email: [email protected]

List of references in article

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Blockchain gets down to business. Deloitte's 2019 Global Blockchain Survey. London: Deloitte Development LLC, 2019.
Popivniak, Yu. M. “Tekhnolohiia blokchein u bukhhalterskomu obliku i audyti: suchasnyi stan, mozhlyvosti ta perspektyvy zastosuvannia“ [Blockchain Technology in Accounting and Auditing: Current State, Possibilities and Prospects of Application]. Ekonomika, upravlinnia ta administruvannia, no. 3 (2019): 137-144. DOI: https://doi.org/10.26642/ema-2019-3(89)-137-144
Shyshkova, N. L. “Perspektyvy vprovadzhennia blokcheinu v bukhhalterskomu obliku“ [Prospects for the Implementation of Blockchain in Accounting]. Oblik i finansy. 2018. https://afj.org.ua/ua/article/572/

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