Blockchain in accounting practice and research: A systematic literature review

New technologies and digital innovations are gradually reshaping the contours of accounting, auditing and reporting. Among the emerging technologies able to revolutionize business models and consequently change the processes underlying management control, accounting, auditing and reporting is blockchain. This study aims to review the academic literature on the utilization of blockchain in accounting practice and research to identify potential opportunities for further scientific investigation and to provide a framework about how accounting practice are impacted by blockchain. The present article is based on a systematic literature review of 234 research products available on Scopus, which were critically discussed in relation to three main topics, namely, the impact of blockchain on accounting and auditing, cryptoassets and finance, business models and supply chain management. We checked our research protocol using the PRISMA diagram and guidelines adapted by us for a qualitative literature review. Blockchain has many potential implications for accounting practice and research. Besides providing the state of the art of accounting research on blockchain and additional avenues for further studies, this manuscript discusses why practitioners have an interest in this technology: triple-entry bookkeeping, inalterability of transactions, automatization of repetitive tasks that do not require discretionary choices, representation of cryptocurrencies in financial statements, management of value chains, social and environmental auditing and reporting, business models innovation. A blockchain accounting information system (AIS) could enable real-time accounting and continuous auditing. However, certain issues related to confidentiality and transparency must be addressed and resolved. A promising accounting context in which blockchain could quickly become part of the status quo is sustainability reporting. The problem of the representation and valuation of cryptocurrencies in financial statements can be considered clarified following the IFRS interpretations commission. In relation to business models and supply chain management, blockchain technology holds potential for innovating business models in many diverse sectors, especially in socially or environmentally sensitive sectors. The application of blockchain to supply chain management is particularly intriguing in relation to the monitoring of workers’ rights, slavery, and unethical behaviors because it contributes to tracking and assuring the entire process. We expect that blockchain for AISs will reach a critical adoption mass within the next three years. The novel contribution of this study is integrated and threefold. First, this SLR provides a clear and comprehensive picture of the state of the accounting research on blockchain using narrative analyses. Second, it investigates how accounting and auditing practice will be impacted by blockchain. Third, it contributes to the accounting literature with its discussion of the potential future research trends related to blockchain for accounting. Moreover, among the “accounting and auditing” topic, we identified four blockchain accounting research areas that can be used to identify the main contribution of research products: understanding blockchain technology, designing accounting blockchain applications, building theory, and testing blockchain AISs and their implications. While the first area already presents quite enough contributions, the latter three need further investigation.