Blockchain technology in the future of business cyber security and accounting

Abstract

This study looks into the current, and potential uses of Blockchain technology in business, specifically in Accounting and in cybersecurity. We relate Blockchain uses to current concerns within cybersecurity and accounting. We review the literature that includes topics such as Big Data in Accounting, blockchain’s use in financial security and cybersecurity, and its use in financial accounting though the use of ledger technology and also as a system of tracking financial misconduct. We also review the Department of Homeland Security plan for cybersecurity over the next few years to understand what the US Government plans because of the importance of cybersecurity development. We show that Blockchain impacts auditing in different ways that will change the profession drastically. We also find that blockchain should be effectively implemented into different aspects of cybersecurity, and accounting, such as Auditing and general accounting procedures.