Investigating the Synergies of Integrating Blockchain and Artificial Intelligence in the Accounting
0Investigating the Synergies of Integrating Blockchain and Artificial Intelligence in the Accounting Profession
Layman Abstract: New technologies like blockchain and artificial intelligence (AI) are changing the accounting profession. This study looks at how these technologies can work together to improve accounting practices. It explains how combining blockchain’s secure ledger system with AI’s automation and analysis capabilities can make financial record-keeping and auditing more efficient, accurate, and transparent. Based on research from major accounting firms like Deloitte and KPMG, the study highlights six key benefits of integrating blockchain and AI, including faster accounting, better security, and lower costs. However, the study also points out that these firms haven't fully taken advantage of these technologies yet. If blockchain and AI are better integrated, they could work together to solve current challenges in accounting.
Original Abstract : Recent technological developments have introduced significant changes to the accounting profession. Researchers have seen blockchain and artificial intelligence emerging as transformative forces that have the potential to revolutionise the accounting profession. In studying the capabilities of these technologies, researchers have observed that integrating blockchain and AI could significantly change the accounting and audit of financial information. This chapter explores the synergy between blockchain and AI in the context of accounting practices. It examines how these technologies complement each other to enhance efficiency, transparency, and accuracy in financial record-keeping and auditing processes. Through an analysis of current developments, this paper illuminates the potential benefits and challenges of integrating blockchain and AI in accounting, paving the way for future research and implementation. The research method of this paper is drawn from the publications of the big four accounting firms: Deloitte, Ernst & Young, PricewaterhouseCoopers, and KPMG. Six major synergy areas were identified: automated accounting systems, increased speed and accuracy, secure accounting systems, improved audit trail systems, reduced financial costs, and quick decision-making. The Big Four accounting firms have embraced blockchain and AI, but the study suggests that they have not leveraged the full benefits of these technologies, as the results revealed a synergy score of 84 out of a possible synergy score of 120. Integrating blockchain with AI could potentially enhance the power of blockchain to function as an independent ledger, and this integration could address the challenges of blockchain intelligence, as blockchain’s intelligence power has previously been identified as low.
View Book:- https://doi.org/10.9734/bpi/mono/978-93-49238-37-4/CH6
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