The Impact of Blockchain Technology Implementation on Financial Reporting Transparency and Efficiency

Authors

  • Muhammad Luthfi Hamzah Universitas Islam Negeri Sultan Syarif Kasim Riau, Altysarin Arkalyk pedagogical institute
  • Zulfadli Hamzah Universitas Islam Riau
  • Najima Najima Altysarin Arkalyk pedagogical institute

DOI:

https://doi.org/10.37385/raj.v2i2.7642

Keywords:

Blockchain Technology, Financial Reporting, Transparency, Efficiency, Audit Quality

Abstract

This study examines the impact of blockchain technology on financial reporting, focusing on its effects on transparency, efficiency, and audit quality. The research utilized both qualitative (semi-structured interviews) and quantitative (surveys) methods to gather data from professionals in the field of accounting and finance. The qualitative findings suggest that blockchain enhances transparency and efficiency in financial reporting processes, particularly through its immutable ledger and real-time access to transaction data. Additionally, it was found that blockchain improves audit quality by providing auditors with more reliable and verifiable data. However, the study also identified significant barriers to blockchain adoption, including regulatory uncertainty, high implementation costs, and technical integration challenges. The survey results, based on 100 respondents, confirmed these findings, with 85% agreeing that blockchain improves transparency and 78% believing it enhances efficiency. Despite these benefits, 68% of respondents cited regulatory uncertainty as a key barrier to adoption. This study contributes to the literature on blockchain's role in financial reporting and offers insights into the challenges and opportunities for blockchain implementation in the accounting and auditing fields.

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Published

2024-04-22

How to Cite

Hamzah, M. L. ., Hamzah, Z., & Najima, N. (2024). The Impact of Blockchain Technology Implementation on Financial Reporting Transparency and Efficiency. Research in Accounting Journal (RAJ), 5(1), 36–44. https://doi.org/10.37385/raj.v2i2.7642