Revolutionizing Accounting with Blockchain Technology for Enhanced Security and Efficiency

• Published in: 2024 3rd International Conference on Sentiment Analysis and Deep Learning (ICSADL) pp. 637 - 641
• Main Authors: Ahmad, Vasim, Arora, Madhu, Kumar, Rakesh, Aluvala, Srinivas, Vishnoi, Ashish, Goyal, Lalit
• Format: Conference Proceeding
• Language: English
• Published: IEEE 13-03-2024
• Subjects: Accounting; Accuracy; Blockchain; Blockchains; Cryptocurrencies; Cryptography; Fraud; Immutable ledger; Regulation; Regulators; Security; Sentiment analysis; Technology; Threats
• DOI: 10.1109/ICSADL61749.2024.00109

In recent years, blockchain technology has become more popular in many fields as it can make things safer and efficient. In future, blockchain technology could be very helpful for the financial field. Accounting is an important part of any business, and the success of the business depends on how accurate and reliable it is. On the other hand, traditional accounting methods are slow and prone to mistakes that can cost a lot of money. Blockchain technology has the potential to change the accounting field by making it safer, open and efficient. People have said that the blockchain technology is a revolutionizing technology that can change many fields, including accounting. Cryptocurrencies like Bitcoin use a technology called decentralized and distributed ledger, which could be used to make financial systems safer and more efficient. This study will discuss about how blockchain technology could change accounting and what benefits it might have.