Blockchain Technology: Applications, Limitations, and Implications of Adoption within AccountingPublic Deposited
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Blockchain technology is arguably one of the most significant technological innovations in recent memory. As a sophisticated digital record-keeping system, blockchain technology has the potential to revolutionize the way we conduct transactions and store data. In a world that demands greater transparency, effectiveness, efficiency, simplicity, and security, it is not surprising that technology is continuously evolving to meet these demands. From this, concepts such as artificial intelligence, virtual reality, cyber security, and cryptocurrency have emerged. Many of us in our respective fields may know of concepts such as cryptocurrency via the media. However, some may not know the deeper details concerning cryptocurrency, especially the fact that blockchain technology serves as the basis for digital currencies like Bitcoin and the reason for their existence. Since blockchain’s inception in 2009, an immense appeal has been observed, and businesses are attempting to employ blockchain technology for a number of benefits. The primary purpose of this study is to investigate blockchain technology and its historical context, as well as provide a comprehensive analysis of its applications and limitations. This study will explore the potential of this transformative technology to bring benefits in a range of applications, as well as the challenges that need to be addressed in order to maximize its potential. Additionally, a brief overview of the possible implications of blockchain technology, if adopted within the accounting field, will be illustrated to outline what this means for the future and the business world.
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