The Impact of Blockchain Technology on Accounting Processes and Financial Reporting in Thailand

The application of blockchain technology in the field of accounting is essential as it guarantees increased transparency, security and reliability as well as shredding time and expenses of financial reporting. In this paper, the challenges have been discussed concerning the use of blockchain in Thailand’s accounting industry, its benefits, and possibilities in the future. To achieve the stated research objectives, interpretivist approach, inductive reasoning, survey, descriptive analysis, and correlation analysis were used. The research also shows that the implementation of blockchain leads to increased efficiency of financial reporting in the organization, low incidence of fraud and increased regulation compliance. The numerical results portray strong correlation between blockchain acquaintance and its believed effect on transparency (r=8.83), reliability (r = 0.91), and willingness to adopt (r = 0.96). Moreover, challenges like high-cost hamper adoption shown by (r = 0.51). Traditional users resist change (r = -0.89) and there is high belief of blockchain replacement (r = 0.98). The findings reveal that there is the opportunity and need for more formalized approaches to transition from regular accounting methods to blockchain based systems to improve the effectiveness of financial professionals and strength of data.