AN ASSESSMENT OF BLOCKCHAIN TECHNOLOGY'S INFLUENCE ON FINANCIAL REPORTING ACCURACY
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- NGN 5000
Abstract
This research assesses the influence of blockchain technology on the accuracy of financial reporting in Ogun State, Nigeria. The objectives include: (1) evaluating blockchain's role in enhancing data integrity, (2) examining its effect on real-time financial reporting, and (3) analyzing how blockchain reduces financial fraud. A survey design was employed to collect data from accounting professionals and financial institutions. The sample size was determined using Taro Yamane's formula to ensure a representative sample of the population. First Bank of Nigeria serves as the case study due to its pioneering efforts in blockchain adoption. The reliability coefficient score of the survey was 0.89, indicating strong reliability. The findings reveal that blockchain technology significantly enhances the accuracy of financial reports by ensuring data immutability and facilitating real-time reporting. It is recommended that financial institutions in Ogun State invest in blockchain technology to improve the accuracy and reliability of their financial reporting.
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