How Will Blockchain Technology Impact Auditing and Accounting? Permissionless vs. Permissioned Blockchain

Liu, M., Wu, K., & Xu, J. (2019). How Will Blockchain Technology Impact Auditing and Accounting: Permissionless Vs. Permissioned Blockchain. Current Issues in Auditing.

18 Pages Posted: 12 Sep 2019

See all articles by Manlu Liu

Manlu Liu

Rochester Institute of Technology (RIT) - Saunders College of Business

Kean Wu

Rochester Institute of Technology

Jennifer Xu

Bentley University

Date Written: July 8, 2019

Abstract

Blockchain offers a drastically new way to record, process, and store financial transactions and information, and has the potential to fundamentally change the landscape of the accounting profession and reshape the business ecosystem. In this article, we introduce two types (i.e. permissionless and permissioned) of blockchain and layout their technological features. We further discuss implication of blockchain to auditing and elaborate opportunities and challenges of two types of blockchain to auditors. We conclude by making specific recommendations for auditors to adapt, adjust, and elevate themselves to the role of strategic partners in blockchain implementation.

Keywords: permissionless blockchain, permissioned blockchain, internal control, auditing, accounting

JEL Classification: M15, M41, M42, O14, O33, O55

Suggested Citation

Liu, Manlu and Wu, Kean and Xu, Jennifer, How Will Blockchain Technology Impact Auditing and Accounting? Permissionless vs. Permissioned Blockchain (July 8, 2019). Liu, M., Wu, K., & Xu, J. (2019). How Will Blockchain Technology Impact Auditing and Accounting: Permissionless Vs. Permissioned Blockchain. Current Issues in Auditing.. Available at SSRN: https://ssrn.com/abstract=3448058

Manlu Liu

Rochester Institute of Technology (RIT) - Saunders College of Business

105 Lomb Memorial Dr.
Rochester, NY 14623
United States

Kean Wu (Contact Author)

Rochester Institute of Technology ( email )

Saunders College of Business
105 Lomb Memorial Drive
Rochester, NY 14623-5608
United States

Jennifer Xu

Bentley University ( email )

175 Forest Street
Waltham, MA 02452
United States

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
119
Abstract Views
420
rank
251,577
PlumX Metrics