Vol.: 03 Issue: 01: The Impact of Blockchain on Accounting: A Paradigm Shift in Financial Management

Md. Hafizul Islam

Lecturer (Accounting & Information Systems), Bangladesh Army University of Science and Technology, Email: [email protected]

Md. Azmir Sharif

Assistant Professor (Accounting & Information Systems), Bangladesh Army University of Science and Technology, Email: [email protected]

Most. Mukta Khatun

Assistant Professor (Accounting & Information Systems), Bangladesh Army University of Science and Technology, Email: [email protected]

Keywords

Blockchain, Accounting, Financial Management, Real-Time Auditing, Operational Efficiency, Regulatory Compliance.

JEL Classification:

M4, G3, O14

Abstract

The integration of blockchain technology into accounting practices represents a significant paradigm shift in financial management. Blockchain's decentralized, transparent, and immutable ledger offers enhanced transparency, fraud prevention, real-time auditing, and operational efficiencies. This study explores the potential of blockchain to revolutionize accounting by examining its key features, benefits, and challenges. Through a qualitative analysis of secondary data, including literature reviews and real-world case studies, this research highlights the transformative impact of blockchain on accounting practices. Findings indicate that while blockchain offers substantial benefits, its adoption is impeded by regulatory uncertainties and the need for technological investments and skill development. Recommendations include developing clear regulatory frameworks, investing in technological infrastructure, and enhancing skill development to facilitate the successful adoption of blockchain in accounting