Blockchain Technology on Professional Accounting Practice in Nigeria

This study is on the effect of blockchain technology on accounting professional practice in Nigeria. The main objective of the study is to investigate the effect of blockchain technology on accountancy professional practice in Nigeria. Specifically, the objectives are to: determine the effect of cryptocurrency on accounting professional practices ascertain the impact of distributed ledger on accounting professional practices in Nigeria. This study primarily used semistructured interviews to collect data, adopted the multimethodology approach using mixed methods between quantitative and qualitative research methodologies by conducting interviews with accountants, auditors, and financial managers of some selected financial institution in Nigeria forming a study sample of 150 individuals. The data obtained were presented in frequency distribution tables and the corresponding values were expressed in percentages. In addition, the hypotheses developed for the study were tested using Chi-square analysis with the aid of statistical package for social sciences (SPSS 26). The result of the study revealed that there is a significant positive effect of cryptocurrency on accounting professional practices in Nigeria and there is a significant positive impact of distributed ledger technology on accounting professional practices in Nigeria. It was concluded that the adoption of blockchain technology presents a critical opportunity for advancing the accounting profession in Nigeria, driving both operational improvements and enhanced regulatory compliance. It was recommended among other things that Nigerian accounting firms should be encouraged to integrate blockchain technology to enhance accuracy, transparency, and efficiency in financial reporting and transactions.