Analyzing the Impact of Blockchain Technology on Financial Transactions and Accounting Practices in Global Trade

Financial transactions and accounting practises in global trade are transformed using blockchain technology with enhanced security efficiency and transparency. The study examines the role of Blockchain in real time financial reports smart contracts and cross border transactions by highlighting the potentiality to ensure regulatory compliance streamlined reconciliation process and fraudulence reduction. Decentralisation of financial data using blockchain enable record keeping a stamper proof and also minimises the transaction cost and the intermediaries and to accelerate the settlement times. The study explores the challenges such as integration regulatory uncertainties and scalability in the existing financial system. The study involves trade finance platforms and multinational corporations in reshaping the financial management and accounting standards using blockchain adoption in the global trade. The study employs mixed method approach for quantitative and qualitative analysis based on the ability of the blockchain to enhance the financial transactions in global trade.