Document Type

Article

Publication Date

8-2022

Keywords

Blockchain Technology, Normal Accounting Cycle, Accounting

Abstract

Blockchain technology is a distributed, unchangeable ledger that makes recording transactions and managing assets in a business network much easier and now a type of accounting software concerned with the transfer of asset ownership and the maintenance of an accurate financial ledger. Despite the numerous benefits of blockchain technology, there is no study on the applicability of blockchain technology to the normal accounting cycle in emerging economies in Africa. Thus, this paper provides general insights on how blockchain technology may be used in the normal accounting cycle in West Africa. The study adopted a qualitative research method and content analysis research design to understand the extent to which business leaders in West Africa are aware, understand, and utilize blockchain technology in the processing of accounting transactions to the preparation of financial statements. Results indicate that West African business leaders are well aware, understand and apply blockchain technology applications in the normal accounting cycle, and it provides cost savings, digital identity, and security. The study recommends further investigations into how to address scalability when dealing with recurrent and large transactions.

Journal Title

Applied Finance and Accounting

Volume

8

Issue

1

DOI

https://doi.org/10.11114/afa.v8i1.5492

First Department

School of Business Administration

Acknowledgements

Open access article retrieved September 6, 2023 from https://redfame.com/journal/index.php/afa/article/view/5492

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