Evaluating blockchain’s impact on financial reporting: opportunities and threats in fintech’s input, processing, and output phases
Mir Vahid Pourrabbi, Mahdi Salehi, Tamanna Abdul Rahman Dalwai, Mahdi Moradi · Journal of Accounting & Organizational Change · 2025
Purpose The current study aims to investigate the effects of opportunities and threats of using blockchain on the input, processing and output components of the financial reporting process within the fintech landscape. Design/methodology/approach This study administered a questionnaire in Iran to 121 university lecturers in accounting and auditing, independent auditors, financial managers and internal auditors to better understand the effect of blockchain on financial reporting. The responses were analysed using SPSS and Smart PLS Software. Findings This study demonstrates how blockchain technology can improve the financial reporting process in the fintech industry by providing opportunities for remote labour, improved accountant roles and task automation. Threats include the requirements for blockchain expertise, standardisation, security issues and decreased flexibility. Limited R&D resources pose problems for small businesses. The main advantages of outputs are continuous, timely financial reporting and comparability; the risks associated with customised reports and regulatory difficulties in managing non-financial and financial data are the main disadvantages. The results show that all indicators of opportunities to use blockchain positively and significantly affect financial reporting opportunities within the fintech context. In addition, all the indicators of the threats of using blockchain have a positive and significant effect on the threats of financial reporting in the fintech context. Originality/value The present study is designed to meet the needs of a blockchain-based financial reporting system in the fintech context. Rapid growth and transformation into an advanced digital system has increased the importance of understanding the effects of the opportunities and threats of applying blockchain technology.