CHALLENGES AND CRITICALLY SUCCESSFUL FACTORS IN ADOPTING BLOCKCHAIN TECHNOLOGY FOR ACCOUNTING PRACTICES

Abstract

The study on Blockchain Technology in accounting practices is in a developing stage and can benefit a diverse set of individuals or practitioners. However, Blockchain Technology's study on accounting is relatively less than Blockchain Technology's study on supply chain management. In addition, most of the studies are conceptual and conducted in developed countries. Thus, challenges and critically successful factors of the adoption of Blockchain Technology in accounting practices from the generalised individuals’ point of view of a developing country that is chosen for this study-Malaysia, need to be better addressed to understand the actual difficulties and opportunities that are associated with the adoption of blockchain-based accounting and provide useful insights for the public. The objectives of this study are: (1) to study the relationship between the challenges of the cost of Blockchain Technology, the risks of Blockchain Technology, government and tax accounting on the adoption of Blockchain Technology in accounting practices in Malaysia; and (2) to study the relationship between the critically successful factors namely accounting information quality, trust, knowledge, skills, technology readiness, and computer self-efficacy on the adoption of Blockchain Technology in accounting practices in Malaysia.