The Role of Blockchain Technology in Strengthening Innovative Accounting Practices: A Multidimensional Data-Driven Approach
Keywords:
Blockchain, Innovative Accounting, Grounded Theory, Financial Transparency, Technological Competence, Intelligent AuditingAbstract
This study adopts a multidimensional approach grounded in grounded theory to examine the transformative role of blockchain technology in enhancing innovative accounting practices. The primary objective of the research is to analyze how blockchain influences the enhancement of financial transparency, the improvement of data accuracy, the support of intelligent auditing, and the strengthening of innovative competencies among accountants and financial managers. Using a qualitative methodology based on grounded theory principles, data were collected through semi-structured interviews with experts and analyzed across three stages of open, axial, and selective coding. This process resulted in the development of a conceptual model derived from real-world experiences. The findings indicate that blockchain technology has the potential to transform traditional accounting systems by enabling real-time transparency, reducing errors and financial fraud, and improving the quality of decision-making. Technological proficiency and professional creativity emerge as key factors in the successful implementation of this technology. Nevertheless, challenges such as infrastructural weaknesses, legal ambiguities, and cultural resistance continue to pose significant barriers. This study emphasizes that realizing the full potential of blockchain in accounting requires the formulation of targeted strategies, organizational readiness, and investment in the development of digital skills. The proposed conceptual model serves as a practical roadmap for policymakers, educational institutions, and financial organizations seeking to effectively leverage this emerging technology.
References
T. Carlin, "Blockchain and the journey beyond double entry," 2019.
F. Casino, T. K. Dasaklis, and C. Patsakis, "A systematic literature review of blockchain-based applications," Telematics and Informatics, vol. 36, pp. 55-81, 2019, doi: 10.1016/j.tele.2018.11.006.
M. Marrone and J. Hazelton, "The disruptive and transformative potential of new technologies for accounting," Australian Accounting Review, vol. 29, no. 4, pp. 612-626, 2019, doi: 10.1111/auar.12260.
J. Schmitz and G. Leoni, "Accounting and auditing at the time of blockchain technology: A research agenda," Australian Accounting Review, vol. 29, no. 2, pp. 331-342, 2019, doi: 10.1111/auar.12224.
J. Kokina, R. Mancha, and D. Pachamanova, "Blockchain: Emergent industry adoption and implications for accounting," Journal of Emerging Technologies in Accounting, vol. 14, no. 2, pp. 91-100, 2017, doi: 10.2308/jeta-51911.
M. Bellucci, D. Cesa Bianchi, and G. Manetti, "Blockchain in accounting practice and research: Systematic literature review," 2022.
M. Xu, X. Chen, and G. Kou, "A systematic review of blockchain," Financial Innovation, vol. 5, no. 1, p. 27, 2019, doi: 10.1186/s40854-019-0147-z.
H. Han, R. K. Shiwakoti, R. Jarvis, C. Mordi, and D. Botchie, "Accounting and auditing with blockchain technology and artificial intelligence," 2023.
M. Shaqaghi, "Application of Blockchain technology in management accounting," 2023.
S. S. Al-e-Yasin and Z. Pourzamani, "Developing a Blockchain technology adoption model within the context of management accounting concepts," 2022.
P. Nouri and G. Talebnia, "The impacts of Blockchain technology on the accounting and auditing profession," 2023.
M. Tootchi Fatideh, S. A. Hosseini, F. Mirshahlaieti, A. Mahdizadeh Ashrafi, and K. Jadidi Aval, "Investigating the factors affecting the efficiency of Blockchain technology in the auditing profession using the meta-synthesis method," 2022.
N. Kroon, M. do Céu Alves, and I. Martins, "The impacts of emerging technologies on accountants' role and skills," 2021.
M. Etemadi Jouriyabi, S. Kheradyar, and K. Azadi Hir, "The impact of institutional pressures on accountants' intention to adopt accounting information systems," 2020.
H. Alshurafat, H. Al-Mawali, and M. O. Al Shbail, "The influence of technostress on the intention to use blockchain technology," 2023.
M. J. Zare Behnmiri, M. H. Maleki, F. Hasankhani, and M. Ramsheh, "Presenting a framework for identifying and analyzing key drivers affecting the future of auditing in Iran with a focus on Blockchain technology," 2023.
A. Rahimi and A. Boushehri, "Investigating the role of Blockchain technology in improving the supply chain performance of defense industries," 2019.
A. Ghane, "Applications of Blockchain technology in the field of financial accounting," 2023.
F. Khalaji Oliaei and H. Khalaji Oliaei, "Investigating the applications of Blockchain technology and Artificial Intelligence in the accounting and auditing industry," 2023.
S. Nasiri, A. Salehi, and A. Shakibamehr, "Content analysis of accounting research in light of emerging Blockchain technology," 2022.
S. Eftekharifar, "An overview of the application of Blockchain technology in financial accounting: Benefits and challenges," 2021.
S. Jahantigh and F. Sepeheri, "Blockchain technology in the banking and accounting industry," 2024.
M. Farasatkhah, Qualitative Research Method in Social Sciences with Emphasis on "Grounded Theory" (GTM). Tehran: Agah Publications, 2016.
M. Ebrahimi Nejad and M. Dehghani Soltani, "The role of technological innovation capabilities in promoting the innovation performance of knowledge-based companies," 2018.
Downloads
Published
Submitted
Revised
Accepted
Issue
Section
License
Copyright (c) 2024 Fatemeh Babaei (Author); Zahra Sadat Hosseini; Mehrdad Salehi, Mehrdad Moradi (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
