ACCOUNTING PRACTICES IN THE ERA OF BLOCK CHAIN TECHNOLOGY IN NIGERIA

Abstract

Block chains offer a novel, secure way to process and store user-accessible financial and non-financial data. This study uses a conceptual approach to investigate accounting processes in the blockchain era. Without a doubt, accounting procedures have changed as a result of the advancement of blockchain technology and the growing interconnectedness of business transactions, creating and reforming new standards from the conventional norms. The use of block chain technology has transformed the accounting and auditing space in the global architecture and revealed new trends, inventions, and developments in the field of accounting. Accounting practices must unavoidably adapt and embrace this growth of digital money in their traditional standards in order to keep up with the always expanding, demanding, dynamic, and competitive global accounting architecture. The use of block chain technology has transformed the accounting and auditing space in the global architecture and revealed new trends, inventions, and developments in the field of accounting. Accounting practices must unavoidably adapt and embrace this growth of digital money in their traditional standards in order to keep up with the always expanding, demanding, dynamic, and competitive global accounting architecture.