Blockchain Adoption and Its Influence on the Qualitative Characteristics of Useful Financial Information
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Abstract
Objective: this study proposes a theoretical model to examine the effects of blockchain adoption and use on the qualitative characteristics of useful financial information (QCUFI). Based on this model, the study illustrates the perceived effects of blockchain on QCUFI through a real-world application in a financial institution in Brazil. Methods: this is a qualitative, exploratory study conducted in two stages. First, a documentary analysis was performed to develop the theoretical model. Second, a case study was conducted to refine and illustrate the model in practice. Results: the study identifies that each blockchain characteristic is associated with at least two QCUFI. Among them, decentralization and transparency are the most relevant, as they establish relationships with all QCUFI. The proposed model provides a valuable reference for academics and practitioners, facilitating the translation of blockchain applications into accounting studies and business decisions. Conclusions: this study addresses gaps in the literature by proposing a standardized approach to analyzing blockchain’s effects in the accounting context. It contributes to bridging the knowledge gap between blockchain technology developers, accounting professionals, and academics.
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Oliveira, D. L. de, Momo, F. da S., & Schiavi, G. S. (2025). Blockchain Adoption and Its Influence on the Qualitative Characteristics of Useful Financial Information. Brazilian Administration Review, 22(4), e250049. https://doi.org/10.1590/1807-7692bar2025250049
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Research Articles
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Cai, C. W. (2019). Triple-entry accounting with Blockchain: How far have we come? Accounting And Finance, 61(1), 71-93. https://doi.org/10.1111%2Facfi.12556
Cappiello, B., & Carullo, G. (2021). Blockchain, Law and Governance. Cham.
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Fang, B., Liu, X., Ma, C., & Zhuo, Y. (2023). Blockchain technology adoption and accounting information quality. Accounting & Finance, 63(4), 4125-4156. https://doi.org/10.1111/acfi.13088
Flick, U. (2009). Introduction to Qualitative Research (3rd ed). Artmed.
Freitas, H., & Janissek, R. (2000). Análise léxica e análise de conteúdo: Técnicas complementares, sequenciais e recorrentes para exploração de dados qualitativos. Sagra Luzzatto.
Gans, J. S. (2019). The fine print in smart contracts (Working Paper 25443). National Bureau of Economic Research.
Giang, N. P., & Tam, H. T. (2023). Impacts of blockchain on accounting in the business. Sage Open, 13(4). https://doi.org/10.1177/21582440231222419
Hair, J. F., Jr., Black, W. C., Babin, B. J., Anderson, R. E., Tatham, R. L., Gouvêa, M. A., & Sant’Anna, A. S. (2009). Multivariate Data Analysis (6th ed.). Bookman.
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Helliar, C. V., Crawford, L., Rocca, L., Teodori, C., & Veneziani, M. (2020). Permissionless and permissioned blockchain diffusion. International Journal of Information Management, 54, 102136. https://doi.org/10.1016/j.ijinfomgt.2020.102136
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Karajovic, M., Kim, H. M., & Laskowski, M. (2019). Thinking outside the block: Projected phases of blockchain integration in the accounting industry. Australian Accounting Review, 29(2), 319-330. https://doi.org/10.1111/auar.12280
Kokina, J., Mancha, R., & Pachamanova, D. (2017). Blockchain: Emergent industry adoption and implications for accounting. Journal of Emerging Technologies in Accounting, 14(2), 91-100.
Kostic, N., & Sedej, T. (2022). Blockchain technology, inter-organizational relationships, and management accounting: A synthesis and a research agenda. Accounting Horizons, 36(2), 123-141. https://doi.org/10.2308/HORIZONS-19-147
Kwilinski, A. (2019). Implementation of blockchain technology in accounting sphere. Academy of Accounting and Financial Studies Journal, 23(25). https://www.abacademies.org/articles/implementation-of-blockchain-technology-in-accounting-sphere-8219.html
Liu, M., Wu, K., & Xu, J. J. (2019). How will blockchain technology impact auditing and accounting: Permissionless versus permissioned blockchain. Current Issues In Auditing, 13(2), A19-A29. https://doi.org/10.2308/ciia-52540
Maffei, M., Casciello, R., & Meucci, F. (2021). Blockchain technology: Uninvestigated issues emerging from an integrated view within accounting and auditing practices. Journal of Organizational Change Management, 34(2), 462-476. https://doi.org/10.1108/JOCM-09-2020-0264
Mala, R., & Chand, P. (2015). Commentary on phase A of the revised conceptual framework: Implications for global financial reporting. Advances in Accounting, 31(2), 209-218. https://doi.org/10.1016/j.adiac.2015.09.003
Marconi, M., & Lakatos, E. (2010). Fundamentals of scientific methodology. Atlas.
McCallig, J., Robb, A., & Rohde, F. (2019). Establishing the representational faithfulness of financial accounting information using multiparty security, network analysis and a blockchain. International Journal of Accounting Information Systems, 33, 47-58. https://doi.org/10.1016/j.accinf.2019.03.004
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O’Leary, D. E. (2018). Open information enterprise transactions: Business intelligence and wash and spoof transactions in blockchain and social commerce (SSRN Scholarly Paper ID 3246740). Social Science Research Network.
O’Leary, D. E. (2019). Some issues in blockchain for accounting and the supply chain, with an application of distributed databases to virtual organizations. Intelligent Systems in Accounting Finance & Management, 26(3), 137-149. https://doi.org/10.1002/isaf.1457
Oliveira, D. L., Silva, G. P. S, Momo, F. S., & Souza, R. B. L. (2022). Blockchain and Accounting: What are the topics covered in the research? In Seminars in Administration (XXV Semead).
Oliveira, D. L. D. (2024). Accounting and blockchain: A look at the effects of the adoption and use of this technology on the qualitative characteristics of accounting information [Master’s thesis]. Universidade Federal do Rio Grande do Sul.
Olsen, T. L., & Tomlin, B. (2020). Industry 4.0: Opportunities and challenges for operations management. Manufacturing & Service Operations Management, 22(1), 113-122. https://doi.org/10.1287/msom.2019.0796
Peters, G. W., & Panayi, E. (2016). Understanding modern banking ledgers through blockchain technologies: Future of transaction processing and smart contracts on the internet of money. In P. Tasca, T. Aste, L. Pelizzon, & N. Perony (Eds.), Banking beyond banks and money: A guide to banking services in the twenty-first century (pp. 239-278). Springer International Publishing.
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Reusen, E., & Stouthuysen, K. (2020). Trust transfer and partner selection in interfirm relationships. Accounting, Organizations and Society, 81, 101081. https://doi.org/10.1016/j.aos.2019.101081
Risius, M., & Spohrer, K. (2017). A blockchain research framework: What we (don’t) know, where we go from here, and how we will get there. Business & Information Systems Engineering, 59(6), 385-409. https://doi.org/10.1007/s12599-017-0506-0
Schmitz, J., & Leoni, G. (2019). Accounting and auditing at the time of blockchain technology: A research agenda. Australian Accounting Review, 29(2), 331-342. https://doi.org/10.1111/auar.12286
Smith, S. S. (2018). Implications of next step blockchain applications for accounting and legal practitioners: A case study. Australasian Accounting Business and Finance Journal, 12(4).
Smith, S. S., & Castonguay, J. J. (2020). Blockchain and accounting governance: Emerging issues and considerations for accounting and assurance professionals. Journal of Emerging Technologies in Accounting, 17(1), 119-131. https://doi.org/10.2308/jeta-52686
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