THE USE OF BLOCKCHAIN TECHNOLOGY IN FORENSIC ACCOUNTING IN THE BANKING SECTOR
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Abstract: THE USE OF BLOCKCHAIN TECHNOLOGY IN FORENSIC ACCOUNTING IN THE BANKING SECTOR
This research investigates the integration of blockchain technology in forensic accounting within the banking sector, focusing on its impact on transparency, efficiency, and fraud prevention. The objectives are to assess the potential of blockchain to enhance transparency in financial transactions, to evaluate its effectiveness in improving forensic accounting efficiency, and to identify the challenges associated with its implementation. A survey research design was adopted, collecting data from 350 banking and forensic accounting professionals in Lagos. The sample size was calculated using Taro Yamane's formula, ensuring a significant representation. The reliability coefficient score of the survey was 0.89. Findings indicate that blockchain technology significantly enhances transparency and reduces the risk of fraudulent activities by providing immutable transaction records. However, challenges such as the high cost of implementation and the need for technical expertise hinder widespread adoption. Recommendations include the development of cost-effective blockchain solutions tailored for the banking sector and the promotion of cross-disciplinary training programs to equip forensic accountants with the necessary skills to leverage blockchain technology.
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