BLOCKCHAIN TECHNOLOGIES IN ACCOUNTING: NEW APPROACHES TO ENSURING TRANSPARENCY AND RELIABILITY OF FINANCIAL REPORTING
Abstract
The relevance of researching approaches to the use of blockchain in the financial sphere in general and in accounting, in particular, is due to the rapid development of technology and the emergence of new ways of using it to increase the transparency and reliability of financial information. Along with the advantages that the field receives due to such accelerated development, it is necessary to investigate the problems that are also quickly generated and require prompt solutions. The purpose of the article is to study the current state and prospects for the implementation of blockchain technologies in accounting in view of its potential for increasing the transparency and reliability of financial information. The work uses methods of statistical analysis, synthesis, descriptive and graphic methods. As a result of the study, the current state and forecast indicators of the size of the global blockchain market were revealed. In particular, it has been inserted that the global blockchain market will grow more than 65 times by 2032 compared to 2024. Key areas of technology application in the financial sector are noted. A new blockchain-based structure was characterized, containing five constituent elements: distribution, encryption, immutability, tokenization, decentralization. The key benefits provided by blockchain in the field of accounting for increasing the transparency and reliability of financial information, as well as minimizing errors and fraud, have been identified. The prospects for the further development of the technology are outlined, in particular, in the context of the integration of the blockchain with other new technologies. The stages that the blockchain must go through in the near future are described. In the end, the main barriers and threats accompanying the implementation and use of this technology in the field of accounting are identified. The practical value of the results lies in expanding the understanding of the current state of implementation of blockchain in the field of accounting, as well as outlining future perspectives that contribute to the responsible and effective use of blockchain in the further practice of companies and government bodies.
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