Real-Time Blockchain Accounting System As A New Paradigm

Yıl 2021, , 41 - 58, 16.08.2021

Betül Şeyma Alkan

https://doi.org/10.25095/mufad.950162

Cited By: 3

Öz

The aim of this study is to evaluate the advantages by examining the effect decentralized blockchain
applications on accounting information systems. The blockchain as an Distributed Ledger Technology (DLT)
offers new possibilities to recording and backing up sensitive and confidential data of accounting information
systems. The blockchain is designed in a structure that allows transactions to be monitored and controlled in
real-time. By this way, the question of how to operate the real-time accounting system, as a new paradigm with
blockchain technology, and how to apply in the field of taxation have emerged simultaneously. To achieve the
aim of the study, a descriptive approach was adopted to explore the basics of blockchain technology and the
most important accounting practices (such as accounting entries, taxation). For that purpose, the relevant
literature on blockchain accounting system were reviewed and the blockchain reports of the big four companies
were examined. As a result, the potential advantages of real-time blockchain accounting system were
categorized according to four focus points: transparency and trust; disintermediation;smart contracts;
continuous audit.

Anahtar Kelimeler

Blockchain, Accounting Information System, Smart Contracts, Transparency

Yeni Bir Paradigma Olarak Gerçek Zamanlı Blok Zinciri Muhasebe Sistemi

Öz

Bu çalışmanın amacı, merkezi olmayan blok zinciri uygulamalarının muhasebe bilgi sistemleri üzerindeki
etkisini inceleyerek avantajlarını değerlendirmektir. Dağıtık Defter Teknolojisi (DLT) olarak blok zinciri,
muhasebe bilgi sistemlerinin hassas ve gizli verilerini kaydetmek ve yedeklemek için yeni olanaklar sunar. Blok
zinciri, işlemlerin gerçek zamanlı olarak izlenmesine ve kontrol edilmesine izin veren bir yapıda tasarlanmıştır.
Böylelikle blok zinciri teknolojisinin sunduğu altyapı itibariyle gerçek zamanlı muhasebe sisteminin nasıl
işletileceği ve vergilendirme alanında nasıl uygulanacağı soruları eş zamanlı olarak ortaya çıkmıştır.
Çalışmanın amaçlarına ulaşmak için, blok zinciri teknolojisinin temellerini ve en önemli muhasebe
uygulamalarını (muhasebe kayıtları, vergilendirme gibi) keşfetmek için tanımlayıcı bir yaklaşım benimsenmiştir.
Bu amaçla, blok zinciri muhasebe sistemine ilişkin ilgili literatür ve büyük dörtlü şirketlerin blok zinciri
raporları incelenmiştir. Sonuç olarak, gerçek zamanlı blok zinciri muhasebe sisteminin potensiyel avantajları;
şeffaflık ve güven; aracısızlaşma; akıllı sözleşmeler ve sürekli denetim olmak üzere dört odak noktasına göre
kategorize edilmiştir.

Anahtar Kelimeler

Blok Zinciri, Muhasebe Bilgi Sistemi, Akıllı Sözleşmeler, Şeffaflık

Kaynakça

• Abreu, Pedro W. - Aparicio, Manuela - Costa, Carlos J. (2018), “Blockchain Technology In The Auditing Environment”, 13th Iberian Conference on Information Systems and Technologies (CISTI).
• ACCA (2017) ”Blockcahin: Accountancy’s Transformer”, International edition of Accounting and Business magazine. https://www.accaglobal.com/my/en/member/member/accountingbusiness/2017/04/insights/blockchain-17.html (Date Accessed: 27.02.2021
• Aste, Tomaso - Tasca, Paolo - Matteo, T Di (2017), “Blockchain Technologies: foreseeable impact on industry and society”, IEEE Computer, 50(9), pp. 18-28
• Brennan, Charles - Lunn, William (2016), “Blockchain: The Trust Disrupter”, Credit Suisse Securities (Europe) Ltd.: London, UK.
• Biswas, Kamanashis - Muthukkumarasamy, Vallipuram (2016), “Securing Smart Cities Using Blockchain Technology”, IEEE 18th International Conference on High Performance Computing and Communications; IEEE 14th International Conference on Smart City; IEEE 2nd International Conference on Data Science and Systems, pp.1392-1393
• Brown, Richard G. (2016), “On Distributed Databases and Distributed Ledgers. Richard Gendal Brown: Thoughts on the Future of Finance” https://gendal.me/2016/11/08/on-distributed-databases-and-distributed-ledgers/
• Bonsón, Enrique - Bednárová, Michaela (2019), “Blockchain and its implications for accounting and auditing”, Meditari Accountancy Research, (27)5, pp.725-740
• Brandon, Dan (2016), “The Blockchain: The Future of Business Information Systems?”, International Journal of the Academic Business World, 10(2), pp.33-40
• Byström, Hans (2016), “Blockchains, Real-Time Accounting and The Future of Credit Risk modeling”, Working Paper/ Department of Economics, School of Economics and Management, Lund University
• Byström, Hans (2019), ‘Blockchains, Real-time Accounting and the Future of Credit Risk Modeling’, Ledger Journal, 4, pp.40-47
• CAA (2017), “The Future of Blockchain: Applications and Implications of Distributed Ledger Technology”,https://www.charteredaccountantsanz.com//media/c1430d6febb3444192436ffc8b685c7c.ashx
• Coyne, Joshua G. - McMickle, Peter L. (2017), “Can Blockchains Serve an Accounting Purpose?’, Journal of Emerging Technologies in Accounting, 14(2), pp.101-111.
• Dai, Jun-Vasarhelyi, Miklos (2017), “Toward Blockchain-Based Accounting and Assurance”, Journal of Information Systems, 31(3), pp.5-21.
• Deloitte (2016), “Blockchain Technology: A Game-Changer in Accounting?” https://www2.deloitte.com/content/dam/Deloitte/de/Documents/Innovation/Blockchain_A%20gamechanger%20in%20accounting.pdf, (Date Aaccessed: 27.01.2021)
• Deloitte Report (2017), “Blockchain Technology and Its Potential Impact on the Audit and its potential in taxes”, https://www2.deloitte.com/za/en/pages/audit/articles/impact-of-blockchain-in-accounting.html, (Date Aaccessed: 27.01.2021) Digital Economy Taxation (2017),“Blockchain 101 for Governments”,WU Global Tax Policy Center of Vienna University of Business and Economics, Viyana, https://www.wu.ac.at/taxlaw/ institute/gtpc/events-and-activities/ (DateAccessed: 27.02.2021)
• Doğan, Mustafa - Ertugay, Emrah (2019), “Blockchain and Applications in Accounting”, Third Sector Social Economic Review, 54(4), pp.1654-1670
• Durbilmez, Serap Erözel - Türkmen, Sibel Yılmaz (2019), “Blockchain Teknolojisi ve Türkiye Finans Sektöründeki Durumu”, Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 4 (1), pp.30-45.
• Ernst & Young, https://www.ey.com/en_gl/blockchain, (Date Accessed: 27.02.2021)
• Frankowski, Ernest - Baranski, Piotr - Bronowska, Marcjanna (2017), “Blockchain Technology and Its Potential in Taxes”, Deloitte. https://www2.deloitte.com/content/dam/Deloitte/pl/Documents/Reports/pl_Blockchain-technology-and-its-potential-in-taxes-2017-EN.PDF
• Fullana, Olga – Ruiz, Javier (2019), “Accounting Information Systems in The Blockchain Era”, https://ssrn.com/abstract=3517142
• Grigg, Ian (2005), “Triple Entry Accounting”, Systemics Inc, Working Paper.
• Hambiralovic, Mahir – Karlsson, Rasmus (2018), “Blockchain Accounting in a Triple-Entry System - Its Implications on the Firm and its”, http://lup.lub.lu.se/student-papers/record/8953732
• Huumo, Jesse Li - Ko, Deokyoon - Choi, Sujin - Park, Sooyong - Smolander, Kari (2016), “Where Is Current Research on Blockchain Technology? A Systematic Review”, Plos One, 11(10), pp.1-27.
• Ibañez, Juan Ignacio - Bayer, Chris N. - Tasca, Paolo - Xu, Jiahua (2020), “REA, Triple-entry Accounting and Blockchain: Converging Paths to Shared Ledger Systems.” Social Science Research Network (SSRN), http://dx.doi.org/10.2139/ssrn.3602207
• Ibañez, Juan Ignacio - Bayer, Chris N. - Tasca, Paolo - Xu, Jiahua (2021), “Triple-entry Accounting, Blockchain and Next of Kin: Towards a Standardization of Ledger Terminology”,https://ssrn.com/abstract=3760220 or http://dx.doi.org/10.2139/ssrn.3760220
• Inghirami, Iacopo Ennio (2019), “Accounting Information Systems:The Scope of Blockchain Accounting”, Conference Paper, ITAIS and MCIS 2019: 13th Mediterranean Conference on Information Systems and 16th Conference of the Italian Chapter of AIS
• Johnston, Stephanie Soong - Lewis, Alexander (2017), “New Frontiers: Tax Agencies Explore Blockchain” Tax Notes International, 86(9), pp.16-19.
• Jenner, Simon (2017), “Blockchain: The Digital Tax Function’s Leading-Edge Technology?”, Tax Notes International, 88(11), pp.1087-1089.
• Karajovic, Maria - Kim, Henry M.- Laskowski, Marek (2019), “Thinking Outside the Block: Projected phases of blockchain integration in the accounting industry”, Australian Accounting Review, 29 (2), pp.319-330.
• Kokina, Julia - Mancha, Ruben - Pachamanova, Dessislava (2017), “Blockchain: Emergent Industry Adoption and Implications for Accounting”, Journal of Emerging Technologies in Accounting, 14(2), pp.91-100.
• KPMG, https://home.kpmg/xx/en/home/insights/2017/02/digital-ledger-services-at-kpmg-fs html, (Date Accessed: 27.02.2021)
• Lu, Qinghua – Xu, Xiwei (2017), “Adaptable Blockchain-Based Systems: A Case Study for Product Traceability” IEEE Software, 34(6), pp.21-27.
• Mainelli, Michael - Smith, Mike (2015), “Sharing Ledgers for Sharing Economies: An Exploration of Mutual Distributed Ledgers (Aka Blockchain Technology)”, Journal of Financial Perspectives, 33, 1, pp.47.
• Mansfield-Devine, Steve (2017), “Beyond Bitcoin: Using Blockchain Technology to Provide Assurance in the Commercial World”, Computer Fraud & Security, 5, pp.14-18.
• Martin, Rich (2018), “How Blockchain will Impact Accounting”, https://igniteoutsourcing.com/blockchain /blockchain-accounting-applications/, (Date Accessed: 27.02.2021)
• Nordgren, Aino – Weckströn, Ellen – Martinkainen, Minna – Lehner, Othmar M (2019), “Blockchain in the Fields of Finance and Accounting: A Disruptive Technology or an Overhyped Pehonmenon?”, ACRN Journal of Finance and Risk Perspectives 8, Special Issue Digital Accounting, pp. 47-58
• Odom, Chris (2015), “Open-Transactions: Secure Contracts Between Untrusted Parties.” Open-Transactions White Paper. http://www.opentransactions.org/open-transactions.pdf (Date Accessed: 17.04.2021)
• O'Leary, Daniel (2018), “Open Information Enterprise Transactions:Business Intelligence and Wash and Spoof Transactions in Blockchain and Social Commerce”, Intelligent Systems in Accounting, Finance and Management, 25(3), pp.148-158.
• Ølnes, Svein - Ubacht, Jolien - Janssen, Marjin (2017), “Blockchain in government: Benefits and implications of distributed ledger technology for information sharing”, Government Information Quarterly, 34(3), pp.355-364.
• Pacio (2019), “Pacio White Paper”, https://pacio.io/docs/PacioWhitePaper.pdf
• Patrizio, Andy (2018), “The Top 10 Blockchain as a Service Providers. Datamation, https://www. datamation. com/data-center/top-10-blockchain-as-a-service-providers. html
• Phan, Dieu (2003), “E-business Development for Competitive Advantages: A Case study”, Information and Management, 40(6), pp.581-590
• Piazza, Fiammetta S. (2017), “Bitcoin and The Blockchain as Possible Corporate Governance tools: Strengths and weaknesses”, Bocconi Legal Papers, 9, pp.125-156.
• Potekhina, Anastasiia - Riumkin, Ivan (2017), “Blockchain - A New Accounting Paradigm: Implications for Credit Risk Management”. http://www.divaportal.org/smash/record.jsf?pid=diva2%3A1114333&dswid=7579 (Date Accessed: 27.02.2021)
• PriceWaterhouseCoopers, https://www.pwc.com/gx/en/industries/technology/blockchain.html (Date Accessed: 27.02.2021)
• Reiff, Nathan (2020), “Blockchain Explained”, https://www.investopedia.com/ terms/b/ blockchain.asp
• Rîndaşu, Sinziana Maria (2019), “Blockchain in Accounting:Trick or Treat?”, Quality-Access to Success, 20(170), pp.143-147.
• Rooney, Hugh - Aiken, Brian - Rooney, Megan (2017), “Is Internal Audit Ready for Blockchain?”, Technology Innovation Management Review, 7(10), pp.41-44.
• Rozario, Andrea M. - Vasarhelyi, Miklos A. (2018), “Auditing with Smart Contracts”, International Journal of Digital Accounting Research, 18, pp.1-27.
• Schmitz, Jana - Leoni, Giulia (2019), “Accounting and Auditing at the Time of Blockchain Technology: A Research Agenda”, Australian Accounting Review, 29(2), pp.331-342.
• Sheldon, Mark D. (2019), “A Primer for Information Technology General Control Considerations on a Private and Permissioned Blockchain Audit”, Current Issues in Auditing, 23 (1), pp.A15 - A29.
• Stein Smith, Sean (2018), “Implications of Next Step Blockchain Applications for Accounting and Legal Practitioners: A Case Study”, Australasian Accounting, Business and Finance Journal, 12(4), pp.77-90.
• Tan, Boon Seng - Low, Kin Yew (2019), “Blockchain as the Database Engine in the Accounting System”, Australian Accounting Review, 29(2), pp.312-318.
• Tysiac, Ken (2017), “Blockchain Considerations for Management and Auditors”, Journal of Accountacy, https://www. journalofaccountancy.com/news/2017/dec/blockchain-for-management-and-auditors-201717994.html
• Weigand, Hans - Blums, Ivars - Kruijff, Joost De (2019), “Shared Ledger Accounting - Implementing the Economic Exchange pattern”, Information Systems, pp.101437.
• Wunsche, Alan (2016), “Technological Disruption of Capital Markets and Reporting?”, file:///C:/Users/SONY2020/Downloads/G10157-RG-Technological-Disruption-of-Capital-Markets-Reporting-Introduction-to-Blockchain-October-2016%20(1).pdf
• Wu, Jiapeng - Xiong, Feng - Li, Cheng Li (2019), “Application of Internet of Things and Blockchain Technologies to Improve Accounting Information Quality”, IEEE Access, 7, pp.100090-100098.
• Yermack, David (2017), “Corporate governance and blockchains”, Review of Finance, 21(1), pp.7-31.
• Zheng, Zibin - Xie, Shaoan - Dai, Hong Ning - Chen, Xiangping - Wang, Huaimin (2018) “Blockchain challenges and opportunities: A survey”, International Journal of Web and Grid Services, 14(4), pp.352-375.