Prospects for the Implementation of Blockchain in Accounting

Today, the application of innovative achievements of the IT field makes it possible to process large amounts of information in the shortest possible time. The use of cognitive technologies speeds up the processing and analysis of data, provides for increased transparency of control, accounting and reporting. The purpose of the article is to disclose the possibilities of using blockchain technology in accounting procedures, when information is generalized and displayed in reporting momentarily, without loss of time. The advantages and limitations of applying new achievements of IT field in accounting were disclosed. It was determined that the advantages relate to the acceleration of obtaining information for making effective decisions, formalizing of control, reducing the cost for organizing accounting and improving the quality of accounting processes. Limitations on the use of the blockchain are primarily related to the preservation of information that constituting a commercial secret and the right to confidentiality and protection of private data. The analysis of actual problems that can be solved by the use of blockchain technology in the formation of accounting and reporting information of business entities, budgetary institutions, authorities to increase the relevance and transparency of processes in management was carried out. The necessity and advantages of interaction of the accounting system, as the provider of information for making effective decisions, and the management system of the business entity with the use of blockchain technology were substantiated. It was revealed that the similarity of the terminology and sequence of actions in the accounting system and in the implementation of the blockchain technology can assist for improving the quality of accounting and reporting information. Such an approach will provide a new level of transparency, efficiency and controllability of the management system. The stages and the corresponding activities in the framework of implementation of the blockchain in the accounting processes were defined to provide users with complete, truthful and impartial information to maximize the objectivity of managerial decisions.