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Blockchain Financial Statements: Innovating Financial Reporting, Accounting, and Liquidity Management

Future Internet, ISSN: 1999-5903, Vol: 16, Issue: 7
2024
  • 0
    Citations
  • 0
    Usage
  • 79
    Captures
  • 2
    Mentions
  • 0
    Social Media
Metric Options:   Counts1 Year3 Year

Metrics Details

  • Captures
    79
  • Mentions
    2
    • Blog Mentions
      1
      • Blog
        1
    • News Mentions
      1
      • 1

Most Recent News

Brunel University London Researcher Has Provided New Study Findings on Blockchain Technology (Blockchain Financial Statements: Innovating Financial Reporting, Accounting, and Liquidity Management)

2024 JUL 25 (NewsRx) -- By a News Reporter-Staff News Editor at NewsRx Policy and Law Daily -- Investigators publish new report on blockchain technology.

Article Description

The complexity and interconnection within the financial ecosystem demand innovative solutions to improve transparency, security, and efficiency in financial reporting and liquidity management, while also reducing accounting fraud. This paper presents Blockchain Financial Statements (BFS), an innovative accounting system designed to address accounting fraud, reduce data manipulation, and misrepresentation of company financial claims, by enhancing availability of the real-time and tamper-proof accounting data, underpinned by a verifiable approach to financial transactions and reporting. The primary goal of this research is to design, develop, and validate a blockchain-based accounting prototype—the BFS system—that can automate transformation of transactional data, generated by traditional business activity into comprehensive financial statements. Incorporating a Design Science Research Methodology with Domain-Driven Design, this study constructs a BFS artefact that harmonises accounting standards with blockchain technology and business orchestration. The resulting Java implementation of the BFS system demonstrates successful integration of blockchain technology into accounting practices, showing potential in real-time validation of transactions, immutable record-keeping, and enhancement of transparency and efficiency of financial reporting. The BFS framework and implementation signify an advancement in the application of blockchain technology in accounting. It offers a functional solution that enhances transparency, accuracy, and efficiency of financial transactions between banks and businesses. This research underlines the necessity for further exploration into blockchain’s potential within accounting systems, suggesting a promising direction for future innovations in tamper-evident financial reporting and liquidity management.

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