Blockchain Technology and How It Will Affect Accounting in the Future

Abstract

Rapid technology development nowadays brings out a major impact for many professions in the world. This phenomenon often called industrial revolution 4.0. This industrial revolution demand automation in various sectors, including in economic and financial sectors. In the financial sector, there is blockchain technology which becomes the basis technology of cryptocurrency and smart contract. This development could also affect the accounting profession, which required to follow technology development in the future. From this case, writers will discuss strength, weakness, opportunity, and the threat from the blockchain system and smart contract for accounting in the future. There will be a high demand for the blockchain system for companies since this technology make the transaction process could be more efficient, faster and secure. The research methodology that the writers use in this research is inductive reasoning with the qualitative method. The way data collected is using literature studies by using SWOT analysis framework.

Keywords: Blockchain, Technology, Accounting

DOI: 10.7176/RJFA/11-10-06

Publication date:May 31^st 2020