Blockchain (BC) is an emerging technology that was first introduced in 2008 as the core technology behind Bitcoin. Now, its application extends far beyond the field of crypto-currency and finance to reach different businesses and industries, including accounting. The rapid growth of Blockchain Technology (BCT) is expected to impact the accounting profession and cause disruption in its ecosystem. Hence, the objective of this paper is two-fold: First, to shed light on BCT and analyze its opportunities, challenges and implications for accounting from an international perspective. Second, to conduct an exploratory study for the application of BCT in accounting in the Egyptian context. In doing so, this paper proposed a theoretical framework to theoretically analyze the application of BCT in the accounting field, viewing it as an integrated element in the accounting ecosystem. Moreover, an online survey was conducted using a questionnaire that was distributed among networks of accounting academics and practitioners in Egypt to explore their perceptions on the application of Blockchain Accounting (BCA). The results show that BCT offers many opportunities for the accounting profession, but it also entails some costs and challenges. It also has different implications for corporate reporting and auditing, as well as for accountants themselves, both in the national and the international context. This paper concluded that the rapid technological development is changing the way business is conducted, and in turn, accounting, as the language of business, will also face significant changes. However, the application of BC is still at its infancy, and it is not until its wide adoption that its potentials and implications can be revealed.
Ibrahim, D. (2023). Opportunities, Challenges and Implications of Blockchain Technology for Accounting: An Exploratory Study. Alexandria Journal of Accounting Research, 7(3), 173-220. doi: 10.21608/aljalexu.2023.320486
MLA
Dalia Ibrahim. "Opportunities, Challenges and Implications of Blockchain Technology for Accounting: An Exploratory Study". Alexandria Journal of Accounting Research, 7, 3, 2023, 173-220. doi: 10.21608/aljalexu.2023.320486
HARVARD
Ibrahim, D. (2023). 'Opportunities, Challenges and Implications of Blockchain Technology for Accounting: An Exploratory Study', Alexandria Journal of Accounting Research, 7(3), pp. 173-220. doi: 10.21608/aljalexu.2023.320486
VANCOUVER
Ibrahim, D. Opportunities, Challenges and Implications of Blockchain Technology for Accounting: An Exploratory Study. Alexandria Journal of Accounting Research, 2023; 7(3): 173-220. doi: 10.21608/aljalexu.2023.320486