Blockchain: Emergent Industry Adoption and Implications for Accounting
01 Sep 2017-Journal of Emerging Technologies in Accounting (American Accounting Association)-Vol. 14, Iss: 2, pp 91-100
TL;DR: An initial examination of the technology itself is provided and the associated opportunities and limitations are discussed and some potential areas that future research could address are discussed.
Abstract: Blockchain is a distributed ledger technology poised to transform the accounting practice. In this paper, we provide an initial examination of the technology itself and discuss the associated opportunities and limitations. We also present an overview of the current blockchain-related practices in large accounting firms and trace significant milestones in this technology's emergence. Finally, we discuss some potential areas that future research could address.
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TL;DR: In this paper, the authors review the accounting literature that focuses on four Internet-related technologies that have the potential to dramatically change and disrupt the work of accountants and accounting researchers in the near future.
Abstract: This paper reviews the accounting literature that focuses on four Internet-related technologies that have the potential to dramatically change and disrupt the work of accountants and accounting researchers in the near future. These include cloud, big data, blockchain, and artificial intelligence (AI). For instance, access to distributed ledgers (blockchain) and big data supported by cloud-based analytics tools and AI will automate decision making to a large extent. These technologies may significantly improve financial visibility and allow more timely intervention due to the perpetual nature of accounting. However, given the number of tasks technology has relieved of accountants, these technologies may also lead to concerns about the profession's legitimacy. The findings suggest that scholars have not given sufficient attention to these technologies and how these technologies affect the everyday work of accountants. Research is urgently needed to understand the new kinds of accounting required to manage firms in the changing digital economy and to determine the new skills and competencies accountants may need to master to remain relevant and add value. The paper outlines a set of questions to guide future research.
179 citations
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TL;DR: A comprehensive survey on blockchain for big data, focusing on up-to-date approaches, opportunities, and future directions is provided, including blockchain for secure big data acquisition, data storage, data analytics, and data privacy preservation.
Abstract: Big data has generated strong interest in various scientific and engineering domains over the last few years. Despite many advantages and applications, there are many challenges in big data to be tackled for better quality of service, e.g., big data analytics, big data management, and big data privacy and security. Blockchain with its decentralization and security nature has the great potential to improve big data services and applications. In this article, we provide a comprehensive survey on blockchain for big data, focusing on up-to-date approaches, opportunities, and future directions. First, we present a brief overview of blockchain and big data as well as the motivation behind their integration. Next, we survey various blockchain services for big data, including blockchain for secure big data acquisition, data storage, data analytics, and data privacy preservation. Then, we review the state-of-the-art studies on the use of blockchain for big data applications in different vertical domains such as smart city, smart healthcare, smart transportation, and smart grid. For a better understanding, some representative blockchain-big data projects are also presented and analyzed. Finally, challenges and future directions are discussed to further drive research in this promising area.
173 citations
Cites background from "Blockchain: Emergent Industry Adopt..."
...Rubix blockchain [92] uses the concept of decentralization to integrate the cryptocurrency traders in a common trading platform to authenticate their credibility and predictions....
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TL;DR: In this paper, a literature review of academic literature and professional reports and websites is performed to identify a taxonomy of emerging themes for blockchain technology in the accounting and auditing context.
Abstract: Blockchain is a distributed ledger technology expected to have significant impacts on the accounting and auditing profession. This study, applicable and timely for both accounting and auditing scholars and practitioners, explores blockchain technology and its main implications for the accounting and auditing profession. The research question addressed in this study is: What are the major themes emerging from academic research and professional reports and websites debating blockchain technology in the accounting and auditing context? A literature review of academic literature and professional reports and websites is performed to identify a taxonomy of emerging themes. The study finds that the most discussed themes in scholarly works and professional sources are governance, transparency and trust issues in the blockchain ecosystem, blockchain-enabled continuous audits, smart contract applications and the paradigmatic shift in accountants' and auditors' roles. Based on these four themes, practical implications for accountants and auditors on how to approach the blockchain development are provided. Moreover, this study offers suggestions for future research on accounting and auditing in the blockchain era.
155 citations
TL;DR: It is demonstrated that large organizations are more likely to not only adopt blockchain but are also more likelyTo conduct increased levels of blockchain research and development activities, as well as to formulate enhanced strategies aimed at disseminating information pertaining to blockchain technologies.
Abstract: Blockchain possesses the potential to disrupt and reshape a plethora of industries in the next decade. However, blockchain adoption rates in technology developed countries, such as Ireland, are relatively low. Motivated by blockchain’s potential to transform sociotechnical systems, the lack of systematic inquiry pertaining to blockchain studies from an information system perspective, the authors propose the following research question: “How do organizational factors influence blockchain adoption in organizations based in a developed country?” Specifically, the purpose of this paper is to elucidate the impact of organizational factors on the adoption of blockchain and the adoption of blockchain in companies based in Ireland.,A comprehensive literature review was conducted, and the methods of qualitative content analysis were used to identify the most important technology–organization–environment (TOE) blockchain adoption factors. Organizational factors are often viewed as the most significant determinants of IT innovation adoption in organizations. Consequently, using a multiple-case study of 20 companies based in Ireland, the authors investigate how the top three organizational factors identified from the blockchain literature affected these companies decision to adopt or not adopt blockchain.,The literature review on blockchain adoption identified specific technological, organizational and environmental factors. Furthermore, the case study findings identified three patterns: top management support and organizational readiness are enablers for blockchain adoption, and large companies are more likely to adopt blockchain than small to medium-sized enterprises (SMEs). The authors explain these patterns by examining the nature of blockchain and the characteristics of Ireland as a developed country. Practical and scientific contributions are also presented.,This study makes several important scientific contributions. First, the findings revealed that top management support and organizational readiness are significant enablers of blockchain adoption. Ireland is recognized as a technology developed country; however, the findings in relation to top management support contradict existing IT adoption literature pertaining to developed countries. Second, previous IT innovation adoption literature suggests that organizations size has a positive influence on a company’s IT innovation adoption process. This study demonstrates that large organizations are more likely to not only adopt blockchain but are also more likely to conduct increased levels of blockchain research and development activities. Finally, and most significantly, the authors identified several patterns, which relate specifically to Ireland as a developed country that influenced the findings. These findings could hold particular relevance to governments and organizations of other developed countries in terms of accelerating blockchain adoption.,The findings about the low level of blockchain awareness and the lack of information pertaining to viable business use cases indicate that the Irish government could play a more significant role in promoting the benefits of blockchain technologies. Further, the findings could also encourage IT providers to formulate enhanced strategies aimed at disseminating information pertaining to blockchain technologies. Second, the positive influence of top management support and organizational readiness, particularly about core competencies, on blockchain adoption suggests that equipping managers with the requisite knowledge and skills will be crucial in adopting these IT innovations. Finally, organizations who adopted blockchain used cloud-based blockchain platforms and tools to overcome the constraints of their initial low levels of organizational readiness.,This is one of the first studies to identify specific TOE blockchain adoption factors. Further, the authors examine how the three most identified organizational adoption factors impact organizations decisions to adopt blockchain. Finally, the authors discuss how the resulting three patterns identified by examining the nature of blockchain and the characteristics of Ireland as a technology developed country.
155 citations
TL;DR: This paper proposes the integrated Triple Retry framework for designing circular blockchain platforms and highlights blockchain's role as a technological capability for improving control in the movement of wastes and product return management activities.
133 citations
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