DECODING BLOCKCHAIN TECHNOLOGY: UNVEILING THE ACCOUNTING IMPLICATIONS OF DECENTRALIZED FINANCE

https://doi.org/10.5281/zenodo.10630565

Authors

  • Nwekwo, Ngozi Mabel, Ph.D Accountancy Department, Faculty of Business Administration, University of Nigeria, Enugu Campus
  • Victoria Nnenna Chukwuani Department of Accountancy, Faculty of Management Sciences, Enugu State University of Science and Technology (ESUT).
  • Prof. Modesta Egiyi Department of Accounting and Finance, Faculty of Management and Social Sciences, Godfrey Okoye University, Ugwuomu-Nike, Enugu State.

Keywords:

Decoding, Blockchain technology, Unveiling, Accounting implications, Decentralized finance

Abstract

This research delves into the transformative impact of Decentralized Finance (DeFi) on traditional accounting practices, the transparency and accountability features of blockchain-based accounting systems, and the evolving regulatory landscape. The opportunities and challenges posed by DeFi in automating financial transactions, enhancing transparency, and fostering global financial inclusion are explored. Blockchain-based accounting systems are critically evaluated, focusing on their strengths, such as immutability and decentralized ledgers, as well as challenges including privacy concerns and scalability issues. The study also examines the complexities of the regulatory environment for DeFi, highlighting opportunities in regulatory innovation, challenges in jurisdictional oversight, and the need for mitigating systemic risks. The research concludes with recommendations for accounting professionals to adapt, collaborate, standardize practices, and actively shape the future of accounting standards within the dynamic realm of DeFi. This comprehensive examination aims to contribute to a nuanced understanding of the accounting implications within the decentralized financial landscape

Published

2024-02-07

How to Cite

Nwekwo, N. M., Chukwuani , V. N., & Egiyi, M. (2024). DECODING BLOCKCHAIN TECHNOLOGY: UNVEILING THE ACCOUNTING IMPLICATIONS OF DECENTRALIZED FINANCE. Journal of Interdisciplinary Research in Accounting and Finance (JIRAF), 11(1), 27–39. https://doi.org/10.5281/zenodo.10630565

Issue

Vol. 11 No. 1 (2024): January-March

Section

Original Peer Reviewed Articles
Copyright & Licensing

Copyright (c) 2024 Journal of Interdisciplinary Research in Accounting and Finance (JIRAF)

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

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