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American Journal of  Financial 
Technology and Innovation (AJFTI)

Blockchain and Accounting: Contemporary Benefits and Challenges
Ruany Idalice Martins Barros1, Carlos Adriano Campana2, Fábio André de Farias Vilhena3, Gyzah Amui Barros Pereira4, 

Hugo Silva Ferreira3, Jorge Martins Fagundes5, Tiago Luz de Oliveira6, Lizandra de Oliveira Ricardo Fernandes5,
Edson Nogueira da Silva3*

Volume 3 Issue 1, Year 2025
ISSN: 2996-0975 (Online) 

DOI: https://doi.org/10.54536/ajfti.v3i1.5286
https://journals.e-palli.com/home/index.php/ajfti

Article Information ABSTRACT

Received: May 14, 2025

Accepted: June 16, 2025

Published: July 26, 2025

The rapid digital transformation has led to substantial changes in the way accounting 
information is generated, validated, and disclosed, creating the need for new alignments 
between accounting practices and emerging technologies. This study aims to investigate, 
through a Systematic Literature Review (SLR), how technologies such as blockchain, artificial 
intelligence, and automation have been addressed in the accounting domain, especially 
concerning the quality of  information, auditing practices, and regulatory frameworks. A total 
of  81 review articles were initially identified in the Web of  Science database, and after applying 
inclusion and exclusion criteria, 55 articles composed the final analytical corpus. The results 
were categorized into three thematic axes: (i) benefits and potentialities of  technological 
adoption in improving informational quality and financial performance; (ii) disruptive 
innovations in accounting and auditing practices based on decentralized technologies; 
and (iii) institutional, technical, and regulatory challenges in integrating new technologies 
into accounting systems. The findings demonstrate that although blockchain and related 
tools offer enhanced transparency, traceability, and data security, there are still significant 
obstacles involving interoperability, standardization, and legal compliance. Additionally, the 
literature suggests that accounting professionals must expand their competencies to adapt 
to a scenario that demands both technical expertise and ethical judgment. It is concluded 
that the incorporation of  emerging technologies into accounting represents not merely 
an operational enhancement, but a paradigm shift requiring strategic vision, institutional 
commitment, and an openness to ongoing innovation. Accounting, as an applied social 
science, plays a pivotal role in balancing technological progress with trust, accountability, 
transparency, and regulatory compliance.

Keywords
Accounting Information Systems, 
Auditing, Blockchain, Emerging 
Technologies, Systematic Literature 
Review

INTRODUCTION 
The rapid digital transformation in recent decades 
has been promoting substantial changes in the way 
organizations produce, record, control and validate 
accounting information. These transformations are 
not restricted to the technical-operational field, but 
reverberate transversally on the institutional pillars, 
governance arrangements, regulatory frameworks, and the 
very epistemology of  accounting as an applied science. In 
this scenario, emerging technologies such as blockchain, 
artificial intelligence, big data, machine learning, and 
audit automation are now occupying a strategic position 
in discussions about the future of  accounting practice, 
driving debates involving innovation, standardization, 
information security, and user trust.
Historically, accounting has evolved in parallel with 
the needs of  economic systems and the complexity of  
organizational structures. From manual record books 
to ERP-integrated digital platforms, each technological 
shift has imposed new responsibilities on accounting 
professionals and demanded adaptations in terms of  
technical training and ethical conduct. The current 

technological wave, however, is distinguished by the 
speed and depth of  the changes it introduces, creating 
unprecedented challenges in reconciling automation 
with control, decentralization with accountability, 
and algorithmic decision-making with normative 
frameworks. These dynamics reinforce the urgency of  a 
renewed approach to accounting education, institutional 
governance, and professional regulation in light of  this 
ongoing digital revolution.
According to Iudícibus et al. (2018), accounting has, as its 
central mission, the generation of  useful information for 
the economic decision-making process, and it is essential 
that this information is relevant, reliable, understandable 
and timely. This qualitative triad, however, is put to 
the test in the face of  the incorporation of  disruptive 
technologies, which profoundly alter the information 
flows, the recognition and measurement criteria, and the 
mechanisms of  technical and institutional validation. The 
decentralization promoted by distributed ledgers such as 
blockchain, for example, challenges traditional control 
and auditing logics, while expanding the traceability, 
immutability, and transparency of  financial ledgers. In 

1 Must University, USA
2 Federal University of  São Carlos, São Carlos, Brazil
3 Interamerican Faculty of  Social Sciences, Paraguay
4 Federal University of  Triangulo Mineiro, Brazil
5 Fluminense Federal University, Brazil
6 Federal University of  Amazonas, Manaus, Brazil
* Corresponding author’s e-mail: edson_nogueira@ufam.edu.br



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turn, artificial intelligence applied to auditing allows the 
automation of  processes, the anticipation of  risks and 
the large-scale analysis of  data, enhancing the supervisory 
and predictive function of  accounting.
Despite the growing academic and professional interest 
in the subject, there is still a relevant gap in the literature 
regarding the critical and integrated systematization of  
these technologies from the accounting perspective. 
There is a lack of  research that addresses the effects 
of  technological adoption on the quality of  accounting 
information, its impacts on governance, and the practical 
and regulatory challenges involved. Most studies still 
focus on fragmented analyses, sometimes extolling 
the benefits and potentialities, sometimes pointing out 
risks and limitations, without, however, consolidating 
a comprehensive view that articulates technical, 
institutional, and regulatory aspects in a coherent manner. 
The absence of  this integrated approach compromises 
the formation of  a robust theoretical body, capable of  
guiding responsible and sustainable practices in the use 
of  these innovations in the context of  accounting.
In this context, the guiding question that guides this 
investigation emerges: how do the benefits and limitations 
associated with the adoption of  emerging technologies 
impact the quality of  accounting information and the 
governance standards related to it? This question seeks 
not only to map trends and empirical evidence, but 
also to identify contradictions, barriers, and points of  
tension that cross the interface between technological 
innovation and accounting standardization. It is assumed 
that technology, by itself, is not neutral, nor does it 
automatically guarantee best practices. Institutional, 
ethical and professional mediation is necessary for its 
effects to be positive and aligned with the fundamental 
principles of  the accounting profession.
In view of  this scenario, this article aims to systematically 
analyze how emerging technologies have been discussed 
in the field of  accounting, with special attention to 
the impacts on the quality of  accounting information, 
audit processes, transparency mechanisms, adherence 
to international financial reporting standards, and the 
challenges associated with governance and regulation. 
To this end, a Systematic Literature Review (RSL) was 
adopted as a methodological approach, selecting 81 
articles from the Web of  Science database, published 
between 2021 and 2025, with open access and review 
typology. After rigorous screening, 55 articles composed 
the definitive corpus of  analysis.
The structure of  the article is organized into four main 
sections: in addition to this introduction, the theoretical 
foundation that discusses the accounting principles and 
the fundamentals of  emerging technologies is presented; 
the methodology section describes the process of  selecting 
and categorizing studies; The results and the discussion 
are divided into three analytical axes – benefits, risks and 
institutional challenges; and, finally, the conclusions rescue 
the main findings and suggest paths for future research and 
practical applications in the accounting field.

LITERATURE REVIEW
Accounting Principles and Fundamentals
According to Iudícibus et al. (2018), accounting is an 
applied social science whose main objective is to provide 
useful information for economic decision-making. It 
is based on principles such as the relevance, reliability, 
comparability and comprehensibility of  financial 
information. These qualitative characteristics are essential 
to ensure that users of  financial statements can trust the 
data presented and make informed decisions.
Within this aspect, one way to improve this quality is 
through financial reports that show the adoption of  
International Financial Reporting Standards (IFRS) to 
improve the quality of  accounting information, promoting 
greater transparency and uniformity in financial 
reporting, which corroborates, to a certain extent, the 
sustainable development of  companies (Ait Bahabbaz 
& Karim,  2023a). Bellucci et al. (2022) also highlight 
that the adoption of  these standards and convergence 
with emerging technologies, such as blockchain, can 
significantly improve informational quality, strengthening 
trust and comparability in financial reporting.
In addition, the quality of  accounting information, as 
declared under IFRS standards, plays a crucial role in 
improving the financial performance of  companies. The 
qualitative characteristics of  accounting information, 
such as relevance and faithful representation, are 
positively correlated with financial performance in 
the medium and long term, encouraging companies to 
adopt international accounting standards (Ait Bahabbaz 
& Karim, 2023b). Moxotó et al. (2025) corroborate this 
understanding by showing that the consistent application 
of  high-quality accounting practices generates positive 
impacts in terms of  regional economic development and 
corporate governance.
Han et al. (2023) also point out that aligning traditional 
auditing and accounting practices with emerging digital 
technologies can amplify the benefits obtained by 
adopting IFRS, especially in terms of  efficiency and 
accuracy of  information. These authors highlight that 
this technological integration directly contributes to the 
confidence of  the various stakeholders involved in the 
use of  this financial information.
The importance of  accounting information goes beyond 
the normative and theoretical aspect, demonstrating direct 
impacts on organizational performance. Chowdhury et al. 
(2021) analyzed companies in the industrial sector and 
confirmed that the quality of  accounting information is 
positively associated with financial performance, showing 
that the standardization and consistency of  records 
strengthen decision-making mechanisms. This result is 
even more sensitive in the context of  small and medium-
sized enterprises (SMEs), which often lack formal 
accounting structures. 
Amosah et al. (2023) reinforce this argument by showing 
that efficient accounting practices in SMEs are decisive for 
their growth, sustainability, and access to credit, especially 
in developing economies. The absence of  these practices 



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can compromise the continuity of  these organizations, 
evidencing the need for applied accounting, which goes 
beyond legal compliance and is inserted as a strategic 
management instrument (Iudícibus et al., 2018).
In view of  these transformations in the conceptual and 
normative bases of  accounting, it becomes evident the 
need to rethink organizational arrangements, information 
production models and corporate governance from a 
perspective of  institutional adaptation. It is in this scenario 
of  structural change that emerging technologies begin to 
occupy strategic space, not only as operational tools, but 
as catalyzing agents of  new ways of  working, reporting 
and accountability. Agrifoglio and de Gennaro (2023) 
highlight that the integration of  these technologies into 
accounting processes – including artificial intelligence, big 
data, and blockchain – represents not only a technological 
innovation, but a disruption in the traditional paradigms 
of  the accounting profession, requiring reconfigurations 
in terms of  competencies, values, and organizational 
structures.

Emerging Technologies Not Organizational Context
The advancement of  emerging technologies has 
reshaped several economic sectors, offering solutions 
that combine security, transparency, decentralization, 
and automation. These innovations profoundly impact 
the way organizations operate, make decisions, and build 
reliable information systems.
Aditya et al. (2023) illustrate this scenario when discussing 
the use of  blockchain in robotics, highlighting benefits 
such as traceability and reliability in autonomous systems, 
as well as proposing hybrid approaches that integrate 
sensors and distributed control. Chaganti et al. (2023) 
address vulnerabilities in blockchain systems, pointing out 
how denial-of-service (DoS) attacks still pose challenges 
even in decentralized environments, suggesting early 
detection strategies based on artificial intelligence.
Complementing this approach, Rico-Peña et al. (2023) 
explore the models that characterize blockchain 
properties, such as immutability and transparency, 
applicable to supply chains, financial systems, and other 
organizational areas. Taherdoost (2023) broadens this 
scope by critically analyzing the convergence between 
blockchain and machine learning, emphasizing the 
ethical and methodological challenges in smart data 
governance.
Cybersecurity and digital governance emerge as 
central dimensions in this panorama of  technological 
transformation. Technologies such as blockchain have 
been employed to mitigate critical vulnerabilities in 
IoT devices, enable decentralized control structures 
in federated machine learning environments, and raise 
important debates about the compatibility between 
innovation and regulatory frameworks such as GDPR. 
These advances indicate a move towards more 
autonomous, auditable, and resilient systems, albeit 
permeated by technical, legal, and operational challenges 
(Bakhshi et al., 2023; Asif  et al., 2023; Han & Park, 2023).

MATERIALS AND METHODS
This study used the Systematic Literature Review (RSL) 
method with the objective of  identifying, classifying, and 
critically analyzing recent academic production related 
to the application of  emerging technologies — with 
an emphasis on blockchain technology — in the fields 
of  accounting, auditing, and accounting information 
systems. The choice of  the RSL is justified by its ability to 
provide a robust, transparent and reproducible synthesis 
of  the available knowledge, ensuring the traceability 
of  the methodological steps and consistency in the 
interpretation of  the findings.
The search was carried out in the Web of  Science (WoS) 
database, internationally recognized for its indexing rigor 
and interdisciplinary scope, especially in the areas of  
applied social sciences and emerging technologies. The 
search strategy adopted combined specific descriptors 
connected by Boolean operators, namely:
(blockchain OR “distributed ledger” OR DLT) AND 
(accounting OR auditing OR “financial reporting” OR 
bookkeeping OR “accounting information systems” OR 
AIS OR “management accounting”).
The following filters were applied:

(i) Type of  document: review articles;
(ii) Publication period: from 2021 to 2025;
(iii) Open access, in order to ensure the transparency, 

timeliness and accessibility of  the data analyzed. As an 
initial result, 82 articles were identified.
To ensure methodological rigor, a structured protocol 
was developed and applied during the selection and 
analysis process. This protocol followed four main steps:

(1) Database selection and search string validation;
(2) Application of  filters and preliminary screening;
(3) Critical reading of  metadata (title, abstract, 

keywords); and
(4) Semantic classification and refinement of  the final 

corpus. The process was documented in an Excel spreadsheet 
to ensure traceability and replicability of  the procedure.
The subsequent screening was performed in an Excel 
spreadsheet and followed a structured protocol for 
reading the titles, abstracts and keywords. The exclusion 
criteria included: duplication of  records, lack of  thematic 
adherence to the accounting field, exclusively technical 
focus on blockchain technology without dialogue with 
accounting or auditing systems, and reviews that were 
limited to the legal or computational scope without 
interface with the governance of  accounting information. 
On the other hand, the inclusion criteria prioritized 
studies with discussion applied to accounting practice, the 
normative-financial environment and auditing functions, 
as well as approaches to information governance, 
regulatory standardization and organizational impacts.
After this careful filtering, 55 articles composed the 
final corpus of  the review. For the analysis, a qualitative 
approach was adopted based on the detailed reading of  
the abstracts, introductions and conclusions, allowing 
the identification of  semantic convergences and the 
construction of  analytical categories. 



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In this stage, the articles were organized using thematic 
coding techniques, which allowed the emergence of  
conceptual clusters. Each cluster was then refined through 
inductive categorization, respecting the epistemological 
alignment of  the articles with the central objective 
of  the study. The triangulation of  results involved a 
confrontation between theoretical propositions and 
empirical findings, ensuring a critical reading anchored in 
academic rigor.
The content was then organized into three thematic 
blocks based on conceptual affinities and recurrence of  
topics:
Benefits and potential of  technological adoption;
Risks, barriers and constraints of  implementation;
Institutional and regulatory implications.
In addition, 09 key authors were selected, based on three 
cross-criteria: (a) depth in the discussion on accounting 
impacts; (b) representativeness within the RSL sample; 
and (c) critical contribution to the construction of  
points and counterpoints in interpretative analysis. These 
authors composed the empirical core of  the Results 
and Discussion section, and were organized based on a 
funnel argumentative logic, starting from broad analyses 
of  technological innovation and arriving at specific 
applications in the field of  accounting. This triangulation 
allowed an integrated reading between theory and recent 
evidence, respecting the rigor and replicability required in 
systematic reviews.

RESULTS AND DISCUSSION
The analysis of  the 09 selected studies was organized into 
three main categories, each representing a distinct axis of  
reflection on the incorporation of  emerging technologies 
in accounting: (1) benefits and challenges of  technological 
integration, (2) institutional and regulatory impacts, and 
(3) innovations in accounting practices with an emphasis 
on blockchain adoption. The argumentative construction 
of  this section follows the logic of  the funnel, starting 
from broad and conceptual perspectives until reaching 
specific applications related to accounting.

Quality of  Accounting Information and Business 
Performance
The relationship between the quality of  accounting 
information and organizational performance emerges as 
one of  the main convergent axes between the empirical 
studies analyzed and the theoretical framework presented. 
Iudícibus et al. (2018) already defended accounting as a 
social instrument aimed at generating useful information, 
based on the relevance and reliability of  data. This 
perspective is reinforced by Ait Bahabbaz and Karim 
(2023a), who argue that the adoption of  IFRS standards 
raises the informational standard, promoting greater 
transparency and predictability in accounting reports.
In this sense, the findings of  Chowdhury et al. (2021) 
empirically demonstrate that the quality of  accounting 
information, measured by disclosure metrics and 
regulatory adequacy, is positively correlated with the 

financial performance of  firms, especially in the context 
of  emerging economies. These results dialogue with the 
analysis of  Amosah et al. (2023), which focus on micro 
and small firms, showing that good bookkeeping and 
accounting records practices directly impact their survival 
and expansion — which expands the applicability of  
accounting theory beyond large corporations.
The strategic relevance of  accounting is also connected to 
the study by Ait Bahabbaz and Karim (2023b), when they 
point out that quality accounting information, shaped by 
international principles, positively influences financing, 
investment, and sustainable growth decisions. Moxotó 
et al. (2025) reinforce this premise by analyzing the 
success of  initial coin offerings (ICOs) in Latin American 
markets, demonstrating that accounting standardization 
and transparency are decisive vectors for the success of  
these operations.
Complementing this analysis, Han et al. (2023) highlight 
that trust in accounting information is increased when 
combined with the use of  emerging technologies, such 
as blockchain, which enhances traceability and reduces 
manipulation risks. This bridge between informational 
quality, performance, and technological accounting 
innovation is also evidenced by Bellucci et al. (2022), 
who review empirical practices and reveal that the use 
of  blockchain and digital accounting systems strengthens 
comparability and stakeholder trust.
Therefore, the triangulation reveals that there is a solid 
coherence between the theoretical bases and the most 
recent empirical findings: both the classical literature 
and contemporary studies converge on the premise that 
the quality of  accounting information is a strategic asset 
for organizational performance, being amplified by the 
adoption of  international standards and new technologies.

Emerging Technologies and Transformations in 
Accounting Practice
The emergence of  disruptive technologies has caused 
significant transformations in accounting practices and 
in traditional models of  auditing and informational 
governance. In the theoretical sphere, Bellucci et al. 
(2022) have already argued that the convergence between 
blockchain, digital systems, and accounting represents 
an advance in the automation of  records, the traceability 
of  transactions, and the reliability of  financial data. This 
premise is supported by what Agrifoglio and de Gennaro 
(2022) classify as a new paradigm of  accounting work, 
in which technological adoption redefines not only 
processes, but also the role of  professionals in the area.
Sarwar et al. (2023) empirically illustrate this disruption 
by examining the use of  triple-entry accounting in 
B2B transactions through blockchain. According 
to the authors, this innovation reduces the need for 
reconciliation between parties, generates simultaneous 
and auditable records, and increases the degree of  security 
in bookkeeping. This model, in turn, represents a natural 
evolution in the face of  the limitations of  double-entry 
systems — a founding concept of  accounting practice 



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since Luca Pacioli.
In the same vein, Johri and Singh (2023) explore how 
decentralized platforms have been shaping auditing 
practices, highlighting the possibility of  continuous 
audits and automatic tracking. This advance, although 
promising, still faces obstacles in terms of  standardization 
and interoperability between systems, which refers to the 
warning of  Iudícibus et al. (2018) about the need for clear 
and understandable norms that ensure interpretative 
uniformity.
Broadening the discussion, Asif  et al. (2023) propose a 
blockchain-based decentralized governance framework 
for federated machine learning environments. While 
not directly about accounting, the study illustrates the 
potential of  decentralized models in managing sensitive 
and auditable data — a perspective that is highly applicable 
to digital accounting systems, given the growing demand 
for simultaneous privacy and transparency. This point 
dialogues with Han and Park (2023), who address the 
tensions between the immutability of  blockchain and 
GDPR principles, such as the right to be forgotten. Such 
a legal and ethical clash reinforces the importance of  an 
accounting architecture that is at the same time robust, 
flexible and legally compatible.
Finally, Bakhshi et al. (2023) address cybersecurity in IoT 
devices, pointing out that blockchain can reinforce the 
integrity of  records and protect integrated accounting 
infrastructures in industrial or remote environments. This 
finding, although transversal, reinforces the idea that the 
accounting of  the future will necessarily be anchored in 
technological layers that go beyond traditional accounting 
software.
Triangulation reveals, therefore, that the challenges and 
opportunities brought by emerging technologies not 
only impact the efficiency of  accounting systems, but 
also impose new normative, ethical, and operational 
requirements. The role of  the accountant, in this scenario, 
is now resized: from a recorder to an architect of  reliable 
information.

Limitations, Risks, and Barriers to Technological 
Adoption in Accounting
Despite the promises of  efficiency, traceability, and 
innovation, the adoption of  emerging technologies 
in accounting encounters structural, regulatory, and 
operational barriers that compromise its universalization. 
Bellucci et al. (2022) had already warned that the 
implementation of  blockchain and associated 
technologies requires, in addition to technical training, 
a review of  organizational infrastructures and reporting 
standards. This point is reinforced by Han et al. (2023), 
who, when dealing with the application of  blockchain in 
auditing, highlight the resistance of  stakeholders in the 
face of  technical complexity, lack of  regulatory clarity, 
and shortage of  skilled labor.
Johri and Singh (2023), when systematizing auditing 
practices in decentralized environments, observe that, 
although there are gains with continuous auditing and 

automation, the absence of  data standardization and 
the difficulty of  integration between platforms limit its 
effectiveness. This finding converges with the warning 
of  Agrifoglio and Gennaro (2022), who highlight that 
technological advancement must be accompanied by a 
cultural and institutional transformation in accounting 
firms, so that systems do not become isolated 
technological enclaves.
The legal aspect gains centrality with Han and Park 
(2023), when they explore the conflict between the 
principles of  blockchain’s immutability and the guidelines 
of  the General Data Protection Regulation (GDPR). The 
impossibility of  erasing records collides head-on with the 
right to be forgotten and rectified, requiring sophisticated 
technical solutions such as permissioned blockchains, data 
anonymization, and the use of  cryptographic layers. This 
tension refers to the reflection of  Iudícibus et al. (2018) 
on the role of  accounting as an open system, which must 
adapt to legal and social demands.
Furthermore, Asif  et al. (2023) warn that blockchain-
based decentralized frameworks face challenges in latency, 
computational cost, and regulatory inconsistencies. Such 
obstacles limit the scalability and practical applicability 
of  these models, especially in companies with less robust 
structures or located in strict regulatory contexts. In 
a complementary sense, Bakhshi et al. (2023) address 
firmware vulnerabilities in IoT devices, showing 
that, even with the use of  blockchain, security flaws 
persist, requiring integrated solutions and continuous 
technological updating.

CONCLUSION
This study investigated, through a Systematic Literature 
Review, how emerging technologies — especially 
blockchain — have been addressed in the field of  
accounting. A total of  55 articles from the Web of  
Science database were analyzed and categorized into 
three thematic axes: (i) quality of  accounting information 
and organizational performance, (ii) transformation 
of  accounting and auditing practices, and(iii)  risks and 
barriers to technological adoption. The first category 
highlighted that blockchain enhances the quality 
of  accounting information by ensuring traceability, 
immutability, and transparency, thereby increasing 
stakeholder confidence and supporting decision-making 
in complex economic contexts. 
The second category showed that disruptive technologies 
are reshaping traditional accounting practices, promoting 
models like triple-entry accounting, continuous auditing, 
and decentralized governance mechanisms.
These changes reposition the accountant’s role toward 
system design and strategic governance, demanding new 
digital competencies, interdisciplinary knowledge, and 
curricular adjustments in accounting education. The 
third category revealed persistent challenges, such as high 
implementation costs, regulatory gaps, and organizational 
resistance to change.
Despite these barriers, the literature points to blockchain’s 



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growing relevance as a key enabler of  trust, transparency, 
and innovation in contemporary accounting. Its integration 
represents a significant paradigm shift in how accounting 
information is produced, validated, disseminated, and 
ultimately used for corporate governance and regulatory 
compliance. 

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