Blockchain Adoption and the Changing Landscape of Financial Accounting: Implications for Accountability and Sustainable Business Practices

Abstract

Purpose: Decentralized Finance is the nascent technology which is transforming the global financial landscape. The purpose of this study is to understand the impact of blockchain technology adoption in financial sector of India strengthening Business Transparency, CyberSecurity and ESG reporting. Design/Methodology/Approach: Exploratory-cum descriptive research approach is used to achieve the research objective. 381 accountants and information technology professionals of metropolitan cities of India are surveyed through questionnaire by applyingPurposive and Snowball technique and the analysis was done using SPSS and AMOS-24. Findings: The results of the proposed study revealed that the antecedents of extended UTAUT model showed positive relation in predicting the Transparency, Security and ESG reporting while adopting blockchain technology in financial accounting with the mediating impact of initial trust and the moderating impact of interoperability was insignificant.  Practical Implications: Economic development of a country is dependent on good governance, Adoption of Blockchain Technology is important for the economic development and good governance as it enhance transparency and reduce corruption in country.  Originality/Value: This study explores the financial sector and shed light on adoption of blockchain which plays an important role in enhancing the business transparency, security and ESG reporting.