Blockchain-enabled accounting systems: enhancing financial transparency and audit efficiency in emerging market economies

In this empirical study, conducted in Indonesia in 2025, we examine the potential of blockchain for enhancing financial transparency and audit efficiency in an emerging market. Using a mixed-methods approach with 41 professionals, the research identifies a stark hierarchy of barriers: regulatory uncertainty scored the highest (mean score of 4.72 out of 5), followed by cost concerns, especially among SMEs. While perceived benefits like enhanced audit trails were strongly acknowledged (mean score of 4.63 out of 5), statistical analysis revealed a significant «blockchain divide». Firm size strongly correlated with willingness to pilot (r = 0.71) and lower cost sensitivity (r = -0.78), indicating early adoption will likely be led by large entities. The estimated audit time reductions (e.g., 60-80% for reconciliations) were found to be entirely contingent on widespread network adoption. The study findings allow us to conclude that realizing blockchain’s potential requires a foundational shift, starting with regulatory clarity and inclusive pilot designs to bridge the readiness gap between stakeholders.