A QUT study of blockchain hesitancy in accounting found participants agreed on its efficiency and transparency but were deterred by blockchain's complexity and cost of integration into existing accounting systems.
Ph.D. researcher Mohsina Akter, Associate Professor Tyge Kummer and Dr. Ogan Yigitbasioglu, from QUT's School of Accountancy interviewed 19 participants, including experts from three Big Four accounting firms, IT professionals, blockchain experts, senior managers and CEOs.
Akter said blockchain had been hyped as a game-changer for accounting transactions as it enabled triple-entry accounting and real-time reporting.
"Blockchain enables distributed, immutable ledgers that record and verify transactions as they occur and distribute the same copy of the ledger to participating 'nodes' in the network," Akter said.
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