Issue №: 3 (65)
The journal deals with the issues of efficiency of functioning of the national economics and organizational forms of management of the national economy. Attention is paid to the problems of marketing, management and efficiency of production and economic activity of agrarian enterprises. The issues of public administration and administration, accounting and taxation, banking and insurance, forecasting and modeling of economic processes, foreign economic activity, commodity flows of economic entities and their infrastructure support.
BLOCKCHAIN TECHNOLOGY IN ACCOUNTING: PROSPECTS AND CONSEQUENCES OF IMPLEMENTATION
PRAVDIUK Nataliia − Doctor of Economic Sciences, Professor, Head of the Department of Accounting, Vinnytsia National Agrarian University (21008, Vinnytsia, 3, Soniachna Str., e-mail: npravduyk@gmail.com).
LEPETAN Іnna – Candidate of Economic Sciences, Associate Professor of the Department of Accounting, Vinnytsia National Agrarian University (21008,Vinnytsia, 3, Soniachna Str., e-mail: lepetan_inna@i.ua).
KOVAL Liubov – Candidate of Economic Sciences, Associate Professor of Accounting Department, Vinnytsia National Agrarian University (21008, Vinnytsia, 3, Soniachna Str., e-mail: kovalstar@meta.ua).
In the article was substantiated the essence of blockchain technology, examines its role, significance and directions of use in various spheres of public life. It has been established that the reason for the widespread use of blockchain to optimize business processes in various fields of activity lies in the advantages of this innovative technology, in particular, decentralization, transparency and security of data storage through the use of cryptographic information security mechanisms. At the same time, it was found that blockchain technology, despite its advantages, has disadvantages associated with the high network energy consumption, insufficient data storage capacity, scalability problems, lack of standardization and legal regulation of its implementation in various sectors of the economy. It is substantiated that one of the most acceptable business processes for using blockchain is accounting, since this technology is based on the double entry method, known in accounting practice, in which each transaction is recorded twice in the same amount for each of the parties to the transaction. It was found that the use of blockchain technology leads to the emergence of the so-called triple-entry accounting method. It is substantiated that the introduction of blockchain technology into accounting practice will create the prerequisites for optimizing a number of routine accounting processes, save resources on accounting, ensure accuracy, transparency and security of data, reduce the risk of distortion of accounting information and will build trust in the accounting institution. Taking into account the functionality of blockchain technology, possible directions for its use in the field of accounting are proposed, in particular for maintaining operational accounting in real time, accounting for accounts payable and receivable, accounting for the movement of the assets within an enterprise, carrying out a multilateral audit of transactions by all participants with access to blockchain networks.
1. PricewaterhouseCoopers. Time for trust The trillion-dollar reasons to rethink blockchain. pwc.com. Retrieved from: https://image.uk.info.pwc.com/lib/fe31117075640475701c74/m/2/434c46d2-a889-4fed-a030-c52964c71a64.pdf [in English].
2. Deloitte. Thriving in the era of pervasive AI Deloitte’s State of AI in the Enterprise, 3rd Edition. deloitte.com. Retrieved from: https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/innovatie/deloitte-nl-exec-deck-state-of-ai-in-the-enterprise-3rd-edition-final.pdf [in English].
3. Liu, M., Wu, K., & Xu, J. (2019). How Will Blockchain Technology Impact Auditing and Accounting: Permissionless versus Permissioned Blockchain. Current Issues in Auditing, 13 (2), A19-A29. DOI: 10.2308/ciia-52540 [in English].
4. Cong, Y., Du, H., & Vasarhelyi, M. (2018). Technological disruption in accounting and auditing. Journal of Emerging Technologies in Accounting, 15 (2), 1-10 [in English].
5. Han, H., Shiwakoti, R., Jarvis, R., Mordi, C., & Botchie, D. (2023). Accounting and auditing with blockchain technology and artificial Intelligence: A literature review. International Journal of Accounting Information Systems, 48, 100598. DOI: 10.1016/j.accinf.2022.100598 [in English].
6. Pilevych, D.S. (2020). Teoretyko-prykladni zasady vykorystannia blockchain-tekhnolohii v bukhhalterskomu obliku [Theoretical and practical principles of blockchain technology in accounting]. Problemy ekonomiky – Economic problems, 1, 267-274. DOI: 10.32983/2222-0712-2020-1-267-274 [in Ukrainian].
7. Faccia, A., & Mosteanu, N.R. (2019). Accounting and blockchain technology: from double-entry to triple-entry. The Business and Management Review, 10 (2), 108-116 [in English].
8. Popivniak, Yu.M. (2019). Tekhnolohiia blokchein u bukhhalterskomu obliku y audyti: suchasnyi stan, mozhlyvosti ta perspektyvy zastosuvannia [Blockchain technology in accounting and auditing: current state, possibilities and prospects of application]. Ekonomika, upravlinnia ta administruvannia – Economy, management and administration, 3 (89), 137-144. DOI: 10.26642/ema-2019-3(89)-137-144 [in Ukrainian].
9. Putsenteilo, P.R., & Dovbush, A.V. (2021). Osnovni vektory rozvytku bukhhalterskoho obliku v umovakh tsyfrovoi ekonomiky [Basic vectory rozvytku bukhhalterskoho obliku v umovakh tsyfrovoi ekonomiky]. Innovatsiina ekonomika – Innovation economy, 3-4 (87), 140-151 [in Ukrainian].
10. Cai, C. (2021). Triple-entry accounting with blockchain: How far have we come? Accounting & Finance, 61, 71-93. DOI: 10.1111/acfi.12556 [in English].
11. Ibañez, J., Bayer, C., Tasca, P., & Xu, J. (2021). Triple-entry Accounting, Blockchain and Next of Kin: Towards a Standardization of Ledger Terminology. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3760220 [in English].
12. Pugna, I.B., & Duţescu, A. (2020). Blockchain – the accounting perspective. Proceedings of the International Conference on Business Excellence, 14, 214-224. DOI: 10.2478/picbe-2020-0020 [in English].
13. Huz, M.M., Sokolenko, L.F., & Tkal, Ya.S. (2023). Innovatsiinyi potentsial tekhnolohii blokchein u bukhhalterskomu obliku [Innovative potential of blockchain technology in accounting]. Investytsii: praktyka ta dosvid – Investments: practice and experience, 2, 19-25. DOI: 10.32702/2306-6814.2023.2.19 [in Ukrainian].
14. Verheliuk, Yu. (2022). Potentsial vykorystannia blokchein tekhnolohii na finansovomu rynku [The potential of using blockchain technologies in the financial market]. Ekonomika ta suspilstvo – Economy and society, 38. DOI: 10.32782/2524-0072/2022-38-15. Retrieved from: https://economyandsociety.in.ua/index.php/journal/article/view/1605/1542 [in Ukrainian].
15. Zakharchenko, V.I. (2022). Yaki hroshi stanut meinstrymom hroshovoho obihu – elektronni chy virtualni? [What money will become a mainstream cash flow – electronic or virtual?]. Ekonomika, finansy, menedzhment: aktualni pytannia nauky i praktyky – Economy, finances, management: topical issues of science and practical activity, 2 (60), 22-36. DOI: 10.37128/2411-4413-2022-2-2 [in Ukrainian].
16. Blockchain Technology Market Size, Share & COVID-19 Impact Analysis. fortunebusinessinsights.com. Retrieved from: https://www.fortunebusinessinsights. com/industry-reports/blockchain-market-100072 [in English].
17. Statista. Blockchain – statistics & facts. statista.com. Retrieved from: https://www.statista.com/topics/5122/blockchain/ [in English].
18. Furlonger, D., & Uzureau, C. (2019). The Real Business of Blockchain: How Leaders Can Create Value in a New Digital Age. Harvard Business Review Press [in English].
19. Prokhorov, M. (2019). Yak blokchein zminyt bukhhalteriiu [How blockchain will change accounting]. bz.ligazakon.ua. Retrieved from: https://bz.ligazakon.ua/ua/magazine_article/BZ012012 [in Ukrainian].
20. The Institute of Chartered Accountants in England and Wales. Blockchain and the future of accountancy. icaew.com. Retrieved from: https://www.icaew.com/ technical/technology/blockchain/blockchain-articles/blockchain-and-the-accounting-perspective [in English].
21. Blockchain in banking While the interest is huge, challenges remain for large scale adoption. deloitte.com. Retrieved from: https://www2.deloitte.com/content/dam/Deloitte/in/Documents/strategy/in-strategy-innovation-blockchain-in-banking-noexp.pdf [in English].
About journal
051 Economics
071 Accounting and taxation
072 Finance, banking and insurance
073 Management
075 Marketing
076 Business, trade and exchange activities
241 Hotel, restaurant and catering
281 Public administration
The journal “Economy, finances, management: Topical issues of science and practice” is included in the "List of Scientific Professional Editions of Ukraine".
The scientific edition is assigned the Category "Б" in the field of economics in specialties 051, 071, 072, 073, 075, 076, 241, 281
(Order of the Ministry of Education and Science of Ukraine No. 249, March 17, 2020).
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The editorial board of the journal is guided by the principles of scientific, objectivity, professionalism, informational support of the most significant innovative researches, observance of standards of publishing ethics.
The purpose of the journal "Economics, finances, management: Topical issues of science and practical activity» is the coverage of leading scientific ideas in the economic, financial and management activities of the sectors of the national economy and the involvement of representatives of the domestic and foreign scientific professional community.
Objectives of the journal:
- publication of research findings on innovation in the economy, financial and management spheres, innovation of production processes;
- expanding partnerships with international scientific publishing organizations;
- enhancing the culture of reviewing and annotating published material;
- adherence to editorial ethics.
Article publishing is a paid service. Cost for printing in professional publications in accordance with the Decree of the Cabinet of Ministers of Ukraine of August 27, 2010 No. 796 "On approval of the list of paid services that can be provided by state educational institutions, other institutions of the educational system belonging to state and communal ownership" and the order Rector of the Higher Education University Mazura VA dated March 14, 2018 No. 93 “On setting the cost of printing in professional editions of the University”.
The cost of printing one page in professional editions of the university is 60 UAH.
An additional copy of the magazine with the mailing list costs 450 UAH.
Recipient: Vinnytsia National Agrarian University MFO 820172 Current account No. 31256282102055 Code 00497236 Bank State Treasury Service of Ukraine, Kyiv. VAT payer code 004972302286. Registration number 100271744. Purpose of payment: for printing an article in the journal: ”Economy, finances, management: Topical issues of science and practical activity "
It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.
From 2015 ”Economy, finances, management: Topical issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 of PR as of December 31, 2014)
According to the decision of National Council of Television and Radio Broadcasting of Ukraine from 25.04.2024 No. 1337 the scientific journal «Economy, finances, management: topical issues of science and practical activity» has the ID of the Media R30-05171.
