CAN DOUBLE ENTRY PRINCIPLE BE REPLACED BY BLOCK CHAIN?

CAN DOUBLE ENTRY
PRINCIPLE BE REPLACED BY
BLOCKCHAIN?
Efiong, J. E, Udoayang, J.O, Akpan, A. E. &
Inyang, Ethel
Department of Accounting, Faculty of
Management Sciences, University of
Calabar, Calabar, Cross River State,
Nigeria
ABSTRACT
The study investigated whether block-chain
technology could replace the double entry
concept used for conventional practices. In
order to fulfill the intent of this report, the
study conducted a literature review on the
adoption and engagement of block-chain in
accounting and auditing field, thus providing
an overview of the proposed collision
between the two. Following this, a case study
was used to provide an illustration of a real
world. The case study supported the
literature review and helps to respond to the
intent of this study thus offering insight into
the development of the accounting and
auditing profession. It was found that even
with so much benefit in the use of
blockchain, it has so many lapses which
hinders it from replacing the double-entry
accounting, but rather effectively
complement the double-entry principle
method. Based on this, it is recommended
that accounting and audit professionals
should build the requisite skills and
knowledge on blockchain to allow them to
function effectively thus compete in theBook of Abstract
global market. Keywords: Double entry
principle, Blockchain, accounting, auditing

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