Blockchain Revolution: Transforming the Accounting Landscape

Anandvardhan, Manisha Singh

Abstract: The Digital boom during the past decades and the exponential growth of Internet services have changed how accounting was done earlier. Accounting software like Tally, Zohobooks, and Quickbooks has greatly reduced the burden accountants face while preparing accounts and detecting errors. Continuous technological advancements have made it even easier; businesses that previously hired/purchased accounting services and software are cutting their costs by taking advantage of cloud service providers. Blockchain is the new buzzword of Web 3.0. This paper focuses on understanding Blockchain technology, its impact on the accounting profession, the advantages of incorporating it, and the flaws associated with adopting this Web 3.0 sensation. There are some notions, like robots will take the job of accountants, in the future only people with the know - how of accounting software will be hired, degree or certificate of accounting knowledge will lose their relevance, etc. I have also tried to verify these claims in the study.

Keywords: Blockchain Technology, Distributed Ledger Technology, Decentralized Network, Cryptographic Hashing