Applicability of Blockchain Technology in the Normal Accounting Cycle

Blockchain technology is also a type of accounting software concerned with the transfer of asset ownership and the maintenance of an accurate financial ledger. Despite the numerous pieces of literature about blockchain technology and its potential advantages, no study has been conducted on its potential applicability in the normal accounting cycle. Thus, this paper aimed to provide general insights on how blockchain technology may be used in the normal accounting cycle. The study adopted a qualitative research method and content analysis research design to look at the applicability of blockchain technology in the normal accounting cycle. The study concluded that blockchain technology applications meet the normal accounting cycle, and it provides cost savings, digital identity, and security. The study recommends further investigations into how to address scalability when dealing with recurrent and large transactions.