Blockchain and the future of accounting: a multi-method investigation into transparency, efficiency, and trust

This study investigates the transformative impact of blockchain technology on accounting, emphasising financial transparency, operational efficiency, and institutional trust. Traditional systems remain vulnerable to fraud, reconciliation delays, and limited reporting accuracy. Blockchain's decentralised, cryptographically secure architecture offers a compelling alternative, enabling real-time verification, immutable audit trails, and automated compliance. Employing a multi-method design, the research integrates document review, expert interviews, and comparative case analysis. Findings indicate blockchain can reduce financial fraud by 45%, improve real-time reporting by 30%, and strengthen data integrity through tamper-proof records. Efficiency gains include a 60% reduction in reconciliation effort, 35% savings in compliance costs, and a 50% increase in processing speed. Decentralisation reduces transaction costs by 40%, expedites cross-border settlements by 55%, and boosts investor confidence by 47%. Despite integration and regulatory hurdles, the study advocates for standards aligned with IFRS, GAAP, AI-enhanced smart contracts, and further exploration of blockchain's convergence with emerging technologies.