BLOCKCHAIN TECHNOLOGY AND ITS USES IN THE FINANCIAL ACCOUNTING FIELD

Blockchain is also known as a decentralised ledger technology which allows recording of transactions in blocks that are immutable. Features of this kind of innovation such as decentralization, persistency, anonymity and auditability permit to have more secure and transparent information trying to reduce information asymmetry. The study aims to analyse the way blockchain works through its architecture, if limits have been found out and in which field it has already been applied. Moreover, a focus on the use of blockchain in the financial accounting field is highlighted. Researches show how blockchain improving the quality of information can guarantee characteristics typical of the financial information for the preparation of the financial statements such as the reliability, consistency, verifiability and timeliness. Therefore, it also increases shareholders and new investors' confidence and trust in a firm. Impacts on the job of the independent auditors and financial accountants are also analysed at the end of the discussion. Information for the preparation of the paper has been collected through books about blockchain, articles and research papers since this technology has been gaining in recent years, especially in the financial accounting and auditing fields.