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The Impact of Blockchain Technology on Tax and Accounting Practices
Abstract
Introduced to the agenda of the world in 2008, blockchain has been researched and reviewed in both the public and the private sectors, interpretations have been made regarding the future of the technology, and it has been endeavored to determine potential areas of application. Blockchain is predicted to be applied in many areas such as the financial sector, smart contracts, and the public sector, and its benefits are expressed. The application introduces accounting and taxation based on blockchain technology, transparency, convenience in transactions, time saving, concurrent taxation, effective and continuous auditing. By applying this technology in the area of accounting and tax auditing, errors and particularly frauds shall be prevented accordingly. Within this framework, at the outset of this study, the blockchain technology is introduced, and the impacts thereof on the accounting and taxation are addressed accordingly. Blockchain technology is expected to have impact on the accounting entry process, tax practices, accounting profession, accounting professionals, and the taxpayers.
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