Issue Information

Date01 April 2020
Published date01 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 contractsand other types of selfexecuting 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. Blockchainthe technology supporting
Bitcoin and other cryptocurrenciesis 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 digitalbased 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.

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