FORECASTING OF BLOCKCHAIN TECHNOLOGY DEVELOPMENT IN ECONOMY: ACCOUNTING POINT OF VIEW

Author: L. Shkulipa, Doctor of Philosophy (Economic), Associate Professor, ORCID ІD 0000-0003-1842-0129, National Academy of Statistics, Accounting and Auditing, Kyiv, Ukraine

Abstract: In the article the importance of blockchain technology in the economy and predicting its development from the accounting point of view was investigated. The methods used in the study are based on the analysis of literature related to disclosure issues and a description of existing blockchain claims on the world stage. On the basis of this, a predictive assessment of the considered results for the further development of blockchain technology in the economy, its impact on accounting and the profession of accountant was made. The findings include the positive and negative effects of blockchain technology on the medical and banking sectors, information technology, the financial sector, and accounting. The blockchain in the hype cycle was considered as a phenomenon that all new technologies undergo before stable existing or disappearing. Based on the consideration of the most famous blockchain projects with the combination of Big Data, the estimation of the development technologies of Blockchain and Big Data in finance was discussed. This study suggests to consider blockchain technology as (1) a new way of sending and processing invoices, documents, contracts, and payments, reducing errors, costs and transaction time; (2) a path to financial equality through affordability; (3) investments in the local economy so that developing countries can grow significantly; (4) updating the currency market and the international monetary and financial transaction system; (5) a major breakthrough in the economy together with the Big Data technology.

Keywords: blockchain technology, Big Data, accounting, forecasting, economic development, technology.

Received: 17/10/19

1st Revision: 26/10/19

Accepted: 20/11/19

DOI:    https://doi.org/10.17721/1728-2667.2019/207-6/5

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