BLOCKCHAIN TECHNOLOGY: RESEARCH OF THE ESSENCE AND ANALYSIS OF USAGE AREAS

Abstract

The article examines the development of blockchain technology and the possibility of its use to accelerate the development of enterprises in various fields, one of the most promising of which is accounting and auditing. Decentralized technology that allows the open and safe registration of data, that tracks transactions, and reduces transaction costs, promises not only to make a difference in our future daily lives – it’s already happening. Today, many state registries and investment projects are switching to the use of blockchain technologies, connecting electronic services to block technology is one of the key tasks that many managers from both the public sector and the business sector are facing. The introduction of blockchain technology into government processes and business, as well as the issue of creating a regulatory framework for the cryptocurrency industry are quite relevant today both in Ukraine and in the world. Accounting, auditing and compliance are a massive cost for business globally. Blockchain accounting could help cut those costs. For example, instead of a company employing its own auditors to examine the books of its various units, all transactions could be logged on an internal blockchain, and recorded centrally. The purpose of the article is to investigate the level of research and use of blockchain technologies by Ukrainian companies today in various fields in general and in the field of accounting and auditing, in particular. The advantage of using blockchain technology is that it allows the company to record the actions of both participants of the transaction simultaneously in a common register and provides an opportunity to prevent data changes, guaranteeing a high degree of reliability and transparency of the processes. Among the most promising areas of implementation of the blockchain in Ukraine and the world, practitioners and experts called the accounting of receivables and payables and its repayment, accrual and payment of taxes, operational accounting and reporting, as well as work with documents and their storage. In the article, it is substantiated that the blockchain as an environment for economic processes and operations will lead to changes in methodological accounting tools and a partial transition of accounting organization processes to virtual space.