Blockchain and AI Integration for Transparent and Secured Financial Record Keeping
Devika Agrawal, Vishal M. Tidake, Shaik Rehana Banu, Ahmad Y. A. Bani Ahmad, H Pal Thethi, Sanjay Singh Chauhan, Dejan Mirčetić · 2024
Artificial intelligence (AI) and blockchain technology integration has made it possible to retain financial records in new ways that favor security and transparency. In the context of maintaining financial records, this article examines the potential for synergy between blockchain and AI. It covers how AI improves data analysis, pattern identification, and anomaly detection while blockchain’s immutable ledger maintains data integrity. Together, these technologies present an all-encompassing answer for open, safe, and effective financial record keeping. This article reviews the research on the potential impacts of blockchain technology on auditing that is supported by AI in general and on accounting in specific. The goal is to look into how professionals might use blockchain technology to increase the trust and transparency of accounting practises. Use 73the append-only, immutability, sharing, agreed-upon data properties and verifiability of blockchain data for improving the process of decision-making. The multi-party validation of blockchain protocols provides accurate data in real-time to the AI algorithms used by auditors, increasing efficiency and confidence. The literature on how the application of blockchain technology takes altered keeping of records in accounting has four key themes.