Preventing Financial Statement Fraud with Blockchain-based Verifiable Accounting System
Jui-Hung Kao, Ren‐Song Tsay · 2023
This paper proposes a blockchain-based anti-fraud verifiable accounting information system (AIS) approach for maintaining verifiable financial statements. The approach utilizes triple-entry transaction records and digital signatures to ensure the authenticity and integrity of financial data. It also provides a balance between confidentiality and verifiability by encrypting sensitive information and requiring the transparency of crucial financial statement-related information. The proposed approach provides a practical and secure solution for preventing financial statement fraud and offers a more efficient and reliable alternative to traditional trusted third party (TTP) servers. Overall, this paper contributes to the field of accounting and auditing by providing a novel blockchain-based approach to enhance transparency, trust, and accountability in financial reporting.