Adoption of Blockchain Technology in Accounting and Auditing: Benefits and Challenges

Blockchain technology identified as a digital ledger which the records cannot be deleted or changed is considered to have significant advantages that will replace of the traditional accounting system. Blockchain facilitates accounting, provides real-time reporting and real-time audit. However it is a new technology so there are many challenges. There is a lot of discussion about blockchain, but people do not know the true value of blockchain. This study aims to identify the benefits and challenges of using blockchain technology adoption in accounting and auditing. For this, we did an opinion survey through a questionnaire at 5 points Likert scale. The questionnaire has been divided into two parts one is demographic profile and the other is benefits challenges-related questions. We used descriptive statistics and a non-parametric Kruskal Wallis test to analyze the non-probabilistic sample of 75 respondent's data set. The result of our study discovered that the better transparency between internal and external user of accounting is the only benefit on which all respondents possess the same opinion but on the rest of the benefits significant difference in the opinion of the respondent was found. And in respect of challenges only Blockchain technology consumes high energy on which all respondent posses the same opinion but on rest of the challenges the significant difference in opinion of the respondents was found.