Issue Information

• Date: 01 April 2020
• DOI: http://doi.org/10.1002/jcaf.22376
• Published date: 01 April 2020

VOLUME 31, NUMBER 2 •April 2020

SPECIAL ISSUE: Blockchain Technology: Promises and Perils

Blind Peer Reviews

7Blockchain distributed ledger technology: An introduction and focus on smart contracts

Marc Hamilton

The rapid evolution of the blockchain and distributed ledger technology and the associated

applications will require many changes in the way business is transacted and how

transactions are recorded. Significant R&D investments in blockchain environments and the

maturation of application uses of “smart contracts”and other types of self‐executing tools

are establishing frameworks for expanded use, infrastructure growth, and further

development. The realization of the impact of these investments is currently changing

entire business processes, transforming industries, and impacting governments globally. This

global disruptive impact is a major technology evolution and will be transformational to

society over the next several decades much as the Internet has been over the last 30 years. As

these changes will be especially transformational to fundamental accounting processes,

tools, and methodologies of today, accounting and finance professionals would be wise to

embrace the technological challenges associated with blockchain technology.

13 The new management of recordkeeping

Reina G. Wiatt

This article focuses on the emerging applications of blockchain technology for

recordkeeping and data management requirements. Blockchain—the technology supporting

Bitcoin and other cryptocurrencies—is a shared ledger that maintains transactions and

documents in digital form. In a time when businesses face challenges in managing data

security, there is a compelling case for developing a digital‐based recordkeeping system to

address social problems on a global scale. Improving food supply chain safety, reducing the

conflict diamond trade, and assisting refugees in preserving identity and academic credential

records are just a few of the solutions offered by blockchains. Our global economy depends

on the ability to create, store, and share accurate records. While implementation challenges

remain, blockchain technology's ability to store and distribute immutable documents has the

potential to improve data management security for industries worldwide.