Qualitative Research Paper Format Copy BB

Emilio Aguinaldo College -Manila
1113-1117 San Marcelino St.

Ermita, Manila
The Perceptions of Certified Public Accountants among Selected Cities in
Metro Manila on Linking Blockchain Technology in the Accounting System of
their Respective Workplace
Galarpe, Fiona Beyonce
Ebrada, Maria Lovely Joy
Lara, Stephanie
Llamera, Kristine Joy
11-ABM2
School Year 2022-2023
Senior High School Department

2
EMILIO AGUINALDO COLLEGE - MANILA
APPROVAL SHEET
In partial fulfillment of the requirements for Research Project, this research study title
The Perceptions of Certified Public Accountants among Selected Cities in Metro Manila on
Linking Blockchain Technology in the Accounting System of their Respective Workplace
prepared and submitted by Fiona Beyonce Galarpe, Maria Lovely Joy Ebrada, Stephanie
Lara, Kristine Llamera from 11ABM2 is hereby approved and accepted.
Cherry Grace Mae Villa

Instructor – Research in Daily Life 1

3
CERTIFICATE OF ORIGINALITY
We hereby declare that the research study titled The Perceptions of Certified Public
Accountants among Selected Cities in Metro Manila on Linking Blockchain Technology in
the Accounting System of their Respective Workplace is our own work and that to the best of
our knowledge and belief, does not contain materials previously published or written by another
person nor material to which a substantial extent has been accepted for award of any degree,
accept where due acknowledgment is made in the text.
We also that the intellectual content of this thesis is the product of our work, even though
we may have received some assistance from others on style, presentation and language of
expression.
Galarpe, Fiona Beyonce
Ebrada, Maria Lovely Joy
Lara, Stephanie
Llamera, Kristine Joy

4
INTRODUCTION
1.1. Background of the Study
This study focuses on the perceptions of Certified Public Accountants about
linking Blockchain Technology in the accounting system of companies and businesses in
the Philippines. The constant development of technology in globalization such as
blockchain, affects various aspects in the economy and professions in various fields,
specifically in the accounting profession.
One of the concepts developed by the technology is the idea of blockchain.
Blockchain is a digital database of information (such as records of financial transactions)
that can be used and shared simultaneously within large decentralized, publicly accessible
networks. This blockchain concept states that all information stored is there forever and is
immutable. (Merriam Webster Dictionary, n.d)
(Vetter, 2018) stated that the concept of blockchain that connects people and
businesses directly or through peer-to-peer. With this technology, recorded transactions
are consistent and cannot be tampered with or corrupted.

5
Another definition of blockchain, the idea behind it has several implications for
various professional fields, particularly the accounting field. Potential conflicts involving
blockchain technology will be examined and explored in this study. The impact it has on
different transactional devices, including financial services and, more fundamentally, the
idea of money, is known to be the most disruptive part of the digital transition.
(Ginigundo, 2022)
I addition to the significance of the research, the study aims provide information
about blockchain technology among people who work under the accounting profession.
According to (Dela Cruz 2022), ¨The complete development of the blockchain business in
the Philippines is being hampered by a number of problems, including a lack of developers,
low public awareness and education, unclear regulations, and expensive licensing fees. ¨
With this information, the study will help people in the accounting industry understand the
significance and effects of blockchain in numerous applications.

6
1.2. Statement of the Problem (Research Questions)
1. What are the perceptions that the accountants have about blockchain technology?
2. How does the concept of blockchain invalidate the rules and standards of accounting system
in businesses in the Philippines?
3. How does the system of Accountancy in the Philippines adapt to financial trends such as
Blockchain?
1.3. Significance of the Study
The impact of blockchain technology on accounting systems is a topic of significant
importance in today's digital age. This study on the effect of blockchain technology on
accounting technology aims to add new insights into the impact of blockchain technology
on accounting systems.
Accounting Professionals:
The findings of this research will have important implications for various
stakeholders, such as accounting professionals, accounting students, businesses,
policymakers, and researchers. Accounting professionals will benefit from this research
by gaining insights into the integration of blockchain technology into accounting systems,
leading to more efficient and accurate accounting practices.

7
Accounting Students:
It may also help provide ABM and accounting students with a wide range of
benefits, including a deeper understanding of accounting principles, improved critical
thinking skills, and enhanced career prospects.
Businesses:
Businesses, on the other hand, will benefit from the potential of blockchain
technology to provide faster processing times, lower costs, and increased accuracy in
accounting processes.
Policymakers:
Policymakers may also benefit from this research, as it provides insights into the
potential impact of blockchain technology on accounting systems in developing
countries. The study may inform policies that encourage the integration of blockchain
technology in accounting systems, leading to more efficient and accurate accounting
practices.
Researchers:
Researchers will benefit from this research as it will contribute to the existing body
of knowledge on the subject and pave the way for further research in the field.

8
Overall, this study is significant because it has the potential to inform accounting
practice, benefit businesses, inform policymaking, and contribute to the existing body of
knowledge on the subject.
1.4. Scope and Delimitation
The focus of this research is to identify perceptions of Certified Public Accountants
on linking Blockchain Technology in the accounting system in the Philippines. The interview
is limited in scope accountants living in Metro Manila.
By analyzing the individual awareness levels in accounting to blockchain concepts,
the analyzation of the results will help determine the perceptions of Accountants and
the impact of blockchain technology on accounting systems of businesses in the Philippines.
Considerations for this survey include respondents' knowledge and personal experiences
with blockchain technology and how they believe it will impact their profession once it is
applied to the accounting system.

9
1.5. Review of Related Literature and Related Studies
Reviewing gathered related studies help support the research as it plays an important
role when it comes to providing a reliable source, evidence, and support for the study.
Research topic identification, location, organization, and analysis are all parts of this process.
Conducting a literature review is fundamental since it prevents duplication of studies and
evades issues that others have experienced (Elclombus, 2022). This section includes the data
gathered for the study and how it will be relevant to the research. For instance, it rests
assured that the collected data is properly cited, as it shows the connections of information
with the study’s main points.
This section is categorized into two sources: local and international articles. Local
includes articles from the country or written by someone from the local. While on the other
hand, international sources include articles or studies outside the study's location, written by
foreign people about the chosen issue or topic of the research. This categorization also
encompasses summaries of each gathered article and its connection to the study. Overall, the
definitions, significance, and how the sources deliberate with the research will also be in this
section.

10
Related Foreign Studies:
Blockchain Technology: Shaping the Future of the Accountancy Profession
Blockchain is a technology that connects individuals or businesses directly or
through peer-to-peer networks (Singer, et al. 2021). In the article, it was also highlighted
the feature of blockchain which tackles about how anything that is stored on it is there
forever, the information is immutable and cannot be erased, allowing the recording and
settlement of transactions to occur at the same time as the transaction itself, meaning that
auditors can obtain data in real-time and in a consistent, recurring format.
How Technology is Changing the Accounting Profession
The findings of this study includes how the demand for professionals like
accountants and auditors has been on the rise due to globalization that brings greater
regulations around financial records management and economic stability. It was
mentioned in the article how companies move their information onto cloud systems,
stating that accounting professionals must adapt by learning how they can leverage the
new technology, when offering up financial analysis that is timely enough alongside
staying competitive against other firms who do as well. (Ha, 2022)

11
Blockchain, Machine Learning and a Future Accounting
According to the findings of the study, the way blockchain technology is
structured is said to make it nearly impossible for records to be falsified or corrupted.
(Vetter, 2018) The author also described how blockchain based accounting allow secure,
verified information to be stored and accessed by multiple parties across multiple
locations.
Blockchain Technology and its Applications Across Multiple Domains
In this study, it was defined that the blockchain is chain of blocks interconnected
with complex computational crypto algorithms. Its application has the potential to disrupt
and revolutionize many businesses and professions. (Baiod, et al. 2021)
Blockchain in Accounting Practice and Research: Systematic Literature Review
The findings of this study focuses on the blockchain’s potential impacts and
implications for accounting practice and research. The blockchain immutability is
certainly desirable for accountants and auditors should contribute to the prevention of
earnings manipulation and the assurance of information data. (Bellucci, et al. 2022)

12
An introduction to Blockchain: What Does it Mean for the Accounting Profession?
(Vasquez, 2021) Stated in the article that ¨Blockchain enables the implementation
of a system of accounting that requires transaction verification from a neutral third party¨.
He also added that the blockchain technology enables a distributed ledger that shares
transactions with all the members of a network, requires unanimous approval of all
transactions, replicates all transactions across the network of users, and stores all
transactions in each member’s computer system.
Learn what is Blockchain Accounting at ESU Online
The study of the article talks about the potential of blockchain to reduce the costs
of processing and maintaining ledgers. It could also be the tool to provide absolute
certainty to the ownership of assets (Yager, 2023). Additionally, the author also pointed
out that because blockchains are resistant to modification and can efficiently and
permanently record information between two parties, it is an excellent system for audits,
which are basically dominated by large accounting firms.

13
Where Accounting really Stands with Blockchain
In this podcast, (Drew, et al. 2020) defined the term bitcoin and how it connects
with blockchain. ¨Bitcoin is a token that is based on the bitcoin blockchain and is a pure
cryptocurrency. A stablecoin’s a bit of a different thing. And a stablecoin is designed, the
ecosystem’s designed to do one thing: minimize the known volatility of cryptoassets.¨
The authors also described that blockchain is meant to decentralize trust in a way, be
more universally adopted at an enterprise level.
Accounting and Auditing with Blockchain Technology and Artificial Intelligence: A Literature
Review
According to (Han et al. 2022), the finds of the study, ¨ Accounting professionals
can enhance decision-making based on. blockchain's ability to provide immutable,
append-only, shared, verified, and agreed-upon (i.e., consensus-driven) data, and Al's
ability to learn from data to recognize and apply patterns to augment decision-making. ¨
Additionally, continues auditing will likely advance towards the integration of artificial
intelligence and blockchain to form a coherent ecosystem for advanced continous audits.

14

Blockchain - The What and Why for Accountants
(Dean, 2022) classified the blockchain as public and private. ¨ The Bitcoin
blockchain is an example of a public, or non-permissioned, blockchain. In a public
blockchain, anyone is free to join and use the blockchain. It truly is a distributed,
decentralized network with no prerequisites needed in order to participate. In a private
blockchain, permission to access must be granted by a gatekeeper. ¨
Related Local Studies:
Blockchain and New Trends in Money
In the article, it was said that the BSP (Bangko Sentral ng Pilipinas) accepts that
crypto resources are not lawful delicate, something isn't moved by any legitimate expert
rather than government issued currency. The impact of blockchain technology on banking
services and, more fundamentally, on the idea of money was also defined as the most
disruptive aspect of digital transformation. (Guinigundo, 2021)

15
Blockchain Technology: Will it be a Game-changer in Accounting and Auditing?
The study found that blockchain and other modern technologies are similar,
among other things. The accountants' productivity, accuracy, and value can all be
enhanced by using data analytics or machine learning. One of the mentioned benefits of
blockchain is that auditors can concentrate more on risk and fraud evaluation. Internal
auditors and accountants, on the other hand, would find it difficult to alter the current
procedure. (Magsino, 2020)
Filipino CEO Spots Ample Opportunities in Blockchain
(Dela Cruz, 2022) stated in this news article that a¨ GWI study ranks the
Philippines 2nd globally in terms of ownership of cryptocurrency. ¨ According to this,
22.7% of Filipino respondents own and use cryptocurrency. The study found that
building high-throughput applications like gaming, NFT (non-fungible token)
marketplaces, and media apps on cost-effective blockchains became more popular as the
crypto ecosystem grew rapidly over time. Additionally, he stated that a number of issues,
including a lack of developers, regulatory clarity, high licensing fees, and nascent
solutions, impede the full development of the blockchain industry in the Philippines.

16
Introducing Accounting Blockchain - Connecting Business and Empowering People
In this study, the implication of Accounting Blockchain was discussed. Using
blockchain technology, the traditional double-entry bookkeeping system may soon be
transformed into a triple-entry accounting system. Bookkeeping records, once entered in
the blockchain, are not alterable, even by the proprietors of the framework. With each
exchange recorded and confirmed, the trustworthiness of the record is ensured. The
blockchain itself being an extraordinarily solid encryption, impenetrable to a
cybercriminal just hacking in and rolling out any unapproved improvements to the
information. (Carbo, 2018)
Cryptocurrency. Accounting in the Philippines Guide
In the article, (Ismael, 2021) the author, talked about the concept of
cryptocurrencies. ¨Generally, cryptocurrencies qualify as an asset when acquired. Assets
are defined as a present economic resource controlled by an entity as a result of past
events and has the potential to produce economic benefits. Cryptocurrencies are not fiat
currency and are still not generally accepted as legal tender. ¨

17
Cryptocurrency Accounting Taxation. Tax wise or otherwise.
According to (Edusma, 2020), ¨Cryptocurrency is a type of virtual currency (VC)
that exists on a blockchain and relies on a cryptographic protocol. The Bangko Sentral ng
Pilipinas (BSP) has yet to issue guidelines to regulate cryptocurrency, although it advises
the public of the features, benefits, and risks of dealing with it. ¨ The findings off the
study concluded that in the Philippines, cryptocurrency is currently referred to as digital
or virtual assets. Cryptocurrency can be taxed as either a capital asset or an ordinary asset
when it comes to assets.
Blockchain in Banking, Finance Cued for Surge
According to the findings of the study, financial sector regulators in the
Philippines, led by the Bangko Sentral ng Pilipinas (BSP), are pushing for the training of
bank supervisors in cutting-edge technologies in order to cultivate the next generation of
talent required for the digitalization of the industry. The advancements incorporate AI
which helps in the mechanization of business processes as well as blockchain, the
innovation behind digital money, yet particularly administrative and administrative
advances. (Domingo, 2022)

18
The Acceptability of Cryptocurrencies as Mode of Payment among Millennial Certified Public
Accountants in the Philippines
(Rentoy, 2019) stated in the study that ¨Millenial CPAs are neutral in terms of
acceptability of cryptocurrencies as mode of payment in the Philippines. ¨ It is also found
in the study that the three factors Performance Expectancy, Social Influence, and Cultural
Belief are the most important in order to make cryptocurrency more popular.
Applicability of Blockchain Technology in the Normal Accounting Cycle
According to the article's findings, blockchain technology has the potential to
enhance the accounting field by lowering the cost of maintaining and reconciling ledgers
and guaranteeing complete clarity regarding asset ownership and history. It can possibly
help bookkeepers in acquiring clearness over their associations' accessible assets and
liabilities, while likewise opening up assets to zero in on valuation and arranging as
opposed to accounting. Last but not least, it will lead to an increase in transaction-level
accounting that is not performed by accountants. (Abas, et al. 2021)

19
Accounting for crypto assets: Philippine Perspective
According to (Calundan, 2020), ¨Cryptocurrencies appear to meet the definition
of an intangible asset: identifiable as can be sold, exchanged or transferred individually;
not cash and non-monetary asset; have no physical form. ¨ Intangible asset shall be
measured initially at cost. After initial recognition, the entity can choose either the cost
model or the revaluation model as its accounting policy.
The gathered local and foreign articles and literature supports the research
through the information and evidence given. It is crucial to be informed about the issue
with evidence that supports it, as it shows how relevant blockchain technology is and
what are its potential impacts on the accounting systems of businesses, particularly in
Metro Manila, Philippines. Reviewing the related literature also helps the researchers to
be particular with the methodology in the research as it covers what profession should be
questioned and in what way the blockchain be beneficial or harmful for them.

20
1.6. Framework of the Study
Theoretical theory:
This Study is supported by the “Performance Theory” by (K. Anders Ericsson,
1993). This theory is prescibe on simply repeating a mastered skill is not enough to help
people get better at it. According to a concept, the technology of blockchain with data
analytics or machine learning in accounting systems can boost accountants' efficiency,
accuracy, and value (Magsino, 2020). In this scenario, accountants could compare the
blockchain-based triple-entry accounting system with the conventional double-entry
bookkeeping system (Carbo, 2018) in order to distinguish the blockchain's role in
modifying the Philippine accounting system.
As per Edusma (2022), the Philippines portrays cryptographic money as
computerized or virtual resources. Cryptocurrency can be taxed as either a capital asset or
an ordinary asset when it comes to assets. they expect to reveal how digital forms of
money held and gained by a substance are kept in its monetary statements (Ismael,2021).
As indicated by Delacruz (2022), It is essential to initially comprehend how blockchain
innovation functions and what could it at any point add to the development of
organizations.

21
1.7. Definition of Terms
Blockchain:
According to (Hayes, 2022), ¨Blockchain is a type of digital ledger that keeps track
of transactions. It's different from traditional ledgers because it's decentralized, which
means it doesn't rely on a central authority to manage it. Instead, it's managed by a
network of computers, making it more transparent and secure. Each transaction is
protected by cryptography, which ensures that it can't be altered or tampered with.¨
Decentralization:
The distribution of decision-making power and authority across a network of
participants rather than being controlled by a central authority. Decentralization is a
critical component of the blockchain, as it considers a straightforward and vote based
framework that is impervious to restriction and control. It empowers distributed
exchanges without the requirement for go-betweens. (Anderson, 2019)

22
Public and private keys:
A pair of cryptographic keys that are used to verify and authorize blockchain
transactions. A private key is kept secret and is used to sign transactions, whereas a
public key is shared with the public. Just the holder of the confidential key can approve
an exchange. (Cryptographic Keys | XRPL.org, n.d.)
Smart contracts:
Self-executing contracts that can automate asset transfers and other transactions and
are encoded on the blockchain. Smart contracts are customized to naturally execute an
exchange when certain circumstances are met. They can be used for a lot of different
things, like managing the supply chain, checking digital identities, and making financial
transactions. (Singh, n.d.)
Distributed ledger:
A computerized record of all exchanges that is decentralized and shared across an
organization of computers. A copy of the ledger is kept by each node on the blockchain,
and it is updated with each new transaction. All transactions on the blockchain are
recorded in this transparent and immutable way. (Hayes, 2022)

23
Cryptography:
The utilization of mind-boggling calculations to get and confirm information on the
blockchain. By ensuring that only authorized users can access and modify the data,
cryptography is used to safeguard the privacy and security of blockchain transactions.
Blockchain cryptography employs hashing, digital signatures, and encryption.
(Frankenfield, 2023)
Cryptocurrencies:
Cryptocurrencies are digital or virtual currencies that operate without a central
bank and use cryptography for security. (Frankenfield, 2023)
Technology:
The application of scientific knowledge for practical purposes, particularly in
industry, is referred to as technology. (Williams, 2020)
Accountants:
The preparation and examination of financial records, as well as their accuracy and
compliance with laws and regulations, are the duties of professionals known as
accountants. (Tuovila, 2020)

24
Research:
Research is a precise and logical examination of a specific theme or issue, pointed
toward finding new information, growing existing information, or confirming existing
information. (Studies, 2022)
Business:
Business refers to the activity of making, buying, or selling goods or services for
profit.
Policy makers:
Policy makers are individuals or organizations responsible for making and
implementing policies that govern social, economic, or political systems.
Stakeholders:
Stakeholders are individuals or groups who are interested in, concerned about, or
concerned about a system, issue, or organization. (Barney & Holak, 2023)
Globalization:

25
Globalization is the process by which businesses, organizations, and countries
operate on an international scale, leading to greater interconnectedness and
interdependence. (What Is Globalization | IGI Global, n.d.)
Economy:
The process by which goods and services are produced, distributed, and consumed
in a specific region or nation is referred to as the economy. (Kenton, 2022)

26
METHODOLOGY
2.1. Research Design
A qualitative research design known as phenomenological research design aims to
investigate and describe the essence of human experiences within a particular
phenomenon or circumstance. It looks to comprehend the abstract encounters of members
by investigating the significance they provide for their encounters. (Creswell, 2013)
The purpose of the phenomenological research design is to investigate and
describe the views and experiences of certified public accountants (CPAs) about the
application of blockchain technology in the accounting systems of selected Metro Manila
enterprises. The study used a qualitative approach, with data gathered through interviews
with CPAs with experience working in the accounting industry in Metro Manila.
Purposive sampling was used to choose study participants, with the purpose of
adding CPAs with expertise dealing with accounting systems in various areas such as
banking, retail, and manufacturing.

27
The interview questions are structured to gather extensive and descriptive reports
of CPAs' perspectives and experiences with blockchain technology in accounting
systems. The questions are open-ended, allowing participants to share their own opinions
and experiences. The interview questions also cover topics which include the advantages
and disadvantages of applying blockchain technology in accounting systems, the possible
influence on the accounting profession, and the readiness of companies and businesses in
the Philippines to use blockchain technology.
The information gathered from the interviews are be analyzed. The data analysis
includes detecting common themes and trends in the replies of the CPAs, as well as any
contradictory or contradicting viewpoints. The investigation concentrates on gaining a
thorough grasp of CPAs' opinions and experiences with blockchain technology in
accounting systems.
The study's goal is to add to the expanding body of information about the
application of blockchain technology in accounting systems. The findings are valuable
for firms, legislators, and accounting experts thinking about implementing blockchain
technology in their operations. Furthermore, the research provide light on the possible
influence of blockchain technology on the accounting profession in Metro Manila.

28
2.2. Context and Participants
The study is limited to accountants from selected cities of Metro Manila only
(Caloocan City, Makati City, Manila City at Taguig City). The results data from the
questionnaires are analyzed and used to determine the potential impacts of blockchain
technology on the accounting profession in the Philippines. It is also given that the results
from the participants are confidential as it is crucial to keep the data gathered private as a
sign of respect and for the sake of the participants.
The interview involved five accountants that was questioned about their
perspectives on linking blockchain technology to the accounting system of their
respective workplace. Synthesizing their answers to form a conclusion about their
perspective determined whether blockchain technology is beneficial or harmful to their
profession.

29
2.3. Research Instruments
The instrument for this study is a researcher-made questionnaire checklist to
gather the needed data on how blockchain affect future accounting through technology.
In the preparation of the instrument, the requirements for the designing of a good data
collection instrument were considered. For instance, a statement describing the situations
or issues pertaining is toned down to accommodate the knowledge preparedness of the
respondents. The instrument that the researchers used is interviewing the accountant to
know their side about the chosen topic. Part I of the research instrument consists of their
knowledge of blockchain which gathers another idea to add. The remaining parts of the
research instrument consisted of the answers to the research questions only them can only
answer on their own.
In this case, the researchers would like to know how it helped them or did they
find it more difficult to use it. Open-ended questions are provided to accommodate free

30
formatted views related to the topic. In this way, the instrument is authorized to obtain
valid responses from the accountants. Preference for the use of the structured
questionnaire is premised on several research assumptions such as what potential impacts
might blockchain technology have on accountants and the accounting profession.
2.4. Data Collection Procedure
This section shows a step-by-step procedure on how the selected sample
technique was used to conduct the interview.
 Choosing the Participants for the Study:
 Concerning the research topic, there are various professions as choices of
samples under the branch of accounting. In this first step, the career that
the main subject for the interview are the CPAs or (Certified Public

31
Accountants). The Purposive Sampling Technique is used in this step and
demonstrated by a visual representation below.
 Choosing the industry and area for the interview:
 After selecting the main subject for the interview, the next step was the
choice of the industry and its area. With the chosen profession, CPAs, this
step consists of determining what industry is the platform and where it was
taken place. The Purposive Sampling Technique is also visible in this step
as the students try to analyze the best industry and area to conduct their
study. The accountants from Metro Manila will be the main subject and
setting for the interview.
 Gathering and segregating samples:
 In this step, the researchers gathered samples or participants with different
professions for the interview. After collecting enough samples,
segregation based on their occupation is the next step. By doing this, the
Purposive Sampling Technique was to be also visible in this step as the
researchers chose between the samples based on their judgment.
 Printing the consent form and distributing it to the participants:
 This step focused on asking for the participants’ consent to participate in
the interview with the use of printed consent form prepared by the
researchers.

32
 Conducting the Interview:
 This step is when the conducting of the interview started. All the
information gathered from the participants was treated as confidential and
private.
 Collecting the Results:
 After the interview, the researchers then proceeded to collect the data
gathered from the participants and segregate it based on the answers from
the interview.
 Analyzation of the resuts:
 In this step of the Sampling Selection Procedure, the data collected from
the participants goes under study and analysis, relating the responses with
the research data. Since there is no provided formula for the computation
of the results in the Purposive Sampling Technique, it is only necessary to
analyze and interpret the data collected from the interview.
 Applying the interpreted results in the research:
 This is the last step of the Sampling Selection Procedure, which focused
on the application of the interpreted data collected from the participants.
The results from this study answered the statement of the problem of the
research and other factors the study scopes.

33
2.5. Data Analysis
After the collection of data, the results are analyzed in a throrough analysis. To
help determine what potential impacts the blockchain have in the accounting system in
the Philippines, the perceptions of each accountant that interviewed is translated and
summarized to identify their intentions toward the questionnaires given.
It is a good idea for the researcher to go over the full journal they have kept as the
study has developed before beginning to evaluate the data. Blockchain analytics is the
process of analyzing, identifying, and "clustering" data on the blockchain, which is a
publicly available cryptographic distributed ledger after data analysis has started. To
identify important details about users and transactions, blockchain analytics also models
and visually displays data. It is important to pay close attention to the methodological log.
It is a daily log of any ideas or realizations the researcher has regarding how to collect
and examine the data throughout the study.

34
RESULTS
In this section, the findings of the interview conducted about the perceptions of
certified public accountants on linking blockchain technology in the accounting system of
their respective workplace is discussed. This section shows the problems that the study
aims to answer, and the results obtained from the data gathering and an in-depth analysis
and interpretation for each. Every research question that this study aims to answer is
provided and answered as the researchers interpret the interview answers of the
accountants regarding on Blockchain Technology.
4.2 Results from Research Question 1:
The results of the conducted interviews outlined the opinions that Certified Public
Accountants hold toward blockchain technology. It is found that the majority of CPAs
surveyed believed that Blockchain Technology was beneficial to their line of work,
particularly when it came to keeping financial transactions. Even though one respondent
(Respondent 1) had little to no prior knowledge of this technology after the researchers
briefly introduced the concept of Blockchain to him, it can be inferred from his responses
that Blockchain Technology has been widely adopted in various aspects of his
workplace's accounting system.

35
In addition to the advantages that Blockchain technology has to the accounting
profession, it was considered that this technology still needs advancements and exposure,
specifically in the Philippines. Despite being utilized daily, the concept of blockchain is
still not recognized by many people, even in various professions. Because of this,
respondents' perceptions of how blockchain technology relates to their job and how it will
be maintained and publicized domestically.
Nonetheless, it is noted that the widespread use of cutting-edge technologies like
this is very beneficial for many different professions because, as the participants said,
businesses invest in savings. Because of advanced technologies, jobs are easy and need
less labor, which helps companies run more efficiently and save money.
In conclusion, certified public accountants' perceptions of blockchain technology
are that it supports their careers as accountants by helping to safeguard the confidentiality
of financial transaction data. The advantages of their company in terms of information
privacy and safety are also increased, lowering the rates of getting scammed and the easy
accessibility of information saved in this database.

36
The findings indicate that blockchain technology aligns with generally accepted
accounting principles and does not contradict any rules or standards of the accounting
system. Participant 1 emphasized that there are no prohibitions in accounting policies
against adopting blockchain technology; in fact, it has the potential to enhance the
auditing and recording processes, shifting the focus towards efficient data reporting to
management.
Moreover, participants noted that accounting technology, including blockchain
systems, undergoes development in consultation with accountants to ensure compliance
with accounting principles. This collaborative approach guarantees that the technology
aligns with the established rules and standards.
Nevertheless, it is important to recognize that contradictions with accounting
systems' rules and standards may arise due to external factors such as data leakage or
hacking incidents, which can compromise the integrity of the blockchain.

37
In summary, the findings suggest that when appropriately implemented and in
accordance with accounting principles, blockchain technology can serve as a valuable
complement to the existing accounting system. However, it is crucial to address
challenges related to external factors to ensure the security and reliability of the
blockchain system.
The respondents assert that their ability to adapt to technological advancements
benefits them. Due to the more efficient and timely data processing Blockchain
Technology enables, it is highly advantageous for maintaining financial transactions. The
results of the interviews provide an answer to the final study question, which concerns
how the Philippine accounting system adapts to modern financial trends such as
Blockchain Technology.
The majority of responders utilize blockchain technology professionally. Based
on their knowledge and experience, it has been determined that the Philippine accounting
system is capable of adapting to modern financial trends and technological
advancements, provided that it is effectively disseminated and introduced to businesses
and communities.

38
Since Blockchain Technology is also said to be very useful in the future, one of
the Respondents related its exposure depends on a company´s willingness to invest in
advanced technologies such as Blockchain.
As mentioned by another respondent, Blockchain Technology is used by everyone
daily. For instance, the use of social media such as Facebook, is evidence of using
blockchain technology unknowingly by the citizens.
It will be simple for the Philippine Accounting System to adapt to any cutting-
edge technology or financial trends, such as Blockchain, as long as businesses and even
the government pay or invest for it to be made available to the general public by studying
and connecting these concepts. Not only will it boost a company's productivity, but it will
also aid in spreading awareness of the benefits and uses of blockchain technology in
corporations.

39
DISCUSSION
In continuation, this section discusses the results from the previous chapter. It
includes the summary of findings, conclusions, and the recommendations for the study.
The discussion also includes the relation of the findings to the existing theories and
related literatures of the study. Explanation for the results discussion is also provided in
this chapter.
5.2 Discussion of Results for Research Question 1:
According to Respondent 1 (Rodolfo San Diego), ¨Blockchain Technology helps
a lot of CPAs ensuring that the financial transactions are presented correctly and
accurately.¨ Connecting it to Respondent 2´s answer, (Marian Ching), ¨Blockchain is a
control, it´s an added control for a corporation and even for individual transaction

40
software like banks and online purchases, they also count as using Blockchain
Technology.¨ Interpreting their knowledge about Blockchain Technology, it is
determined that people working in the accounting profession, or accountants, have a brief
knowledge of Blockchain Technology and how it works in their company
Three out of the five respondents had never heard of blockchain technology.
Respodents 3, 4, and 5 were uncertain about its application at their place of employment
and how Blockchain Technology functions within the organization they are employed.
With their response, it is inferred that Blockchain Technology is not widely adopted or
exposed to enough people in the Philippines. This specific factor needs to be discussed
because the lack of awareness about advanced technologies in the Philippines can prevent
its advancements and implications in the country.
Respondet 5´s Catherine Guanco), stated; ¨Of course when it comes to advanced
technologies, it´s a huge help especially to us accountants since we always need to
document every transaction.¨ This response was related to each response from the other 4
participants, indicating that they saw blockchain technology as a very beneficial tool for
their line of work as certified public accountants because it could meet their ongoing need
to keep and review financial records and transactions.

41
In conclusion, certified public accountants' impressions of blockchain technology
are that it helps to protect the privacy of financial transaction data, which supports their
livelihoods as CPAs. The benefits of their business in terms of information privacy and
security are also boosted, decreasing the likelihood of being duped and facilitating quick
access to the data stored in this database.
5.2.1 Link to Related Literature and Studies
According to a local article's findings, blockchain technology has the potential to
enhance the accounting field by lowering the cost of maintaining and reconciling ledgers
and guaranteeing complete clarity regarding asset ownership and history. It can help
bookkeepers in acquiring clearness over their associations' accessible assets and
liabilities, while likewise opening up assets to zero in on valuation and arranging as
opposed to accounting. Last but not least, it will lead to an increase in transaction-level
accounting that is not performed by accountants. (Abas, et al. 2021) As both the article
and the accountants' responses discussed the applicability of blockchain technology in
their line of work, this connected material ties to the respondent's answers in the
interview. The replies received to confirm the conclusions of the associated local article
and demonstrate how this technology affects a business's ability to maintain accurate and
confidential financial data and transactions.

42
5.2.2 Link to Existing Theories
The results of an existing theory show how the demand for experts like
accountants and auditors has increased as a result of globalization, which introduces more
rules around the maintenance of financial records and economic stability. (Ha, 2022) This
theory is evident in respondent 2´s (Marian Ching) interview results as it was mentioned
that ¨The use of Blockchain in my profession as an accountant is a breakthrough in the
digital age. It is very convenient and preserves the integrity of the data. ¨ connecting it to
the theory, it was mentioned how companies move their information onto cloud systems,
stating that accounting professionals must adapt by learning how they can leverage the
new technology when offering up financial analysis that is timely enough alongside
staying competitive against other firms who do as well. (Ha, 2022)

43
According to the respondents' opinions and experiences, the digital age is still in
effect today, and accountants and other professionals in the Philippines are still
attempting to learn how to use cutting-edge technologies, particularly Blockchain
Technology, which is being used in everyday settings.
Respondent 1, (Rodolfo Santiago) asserts that ¨blockchain technology does not
violate accounting rules and standards when considering the framework of accounting.¨
According to Respondent 1, the conceptual framework of accounting emphasizes the
importance of faithfully representing, relevantly presenting, verifiably documenting,
comparably assessing, understandable communicating, and timely reporting information.
As long as blockchain technology adheres to these fundamental principles, Respondent 1
argues that it does not violate accounting standards, including International Financial
Reporting Standards (IFRS). This viewpoint suggests that blockchain can align with the
requirements of the accounting field by enhancing the characteristics of useful financial
information. However, further analysis and consideration of potential challenges and

44
implications specific to the implementation of blockchain in accounting practices are
necessary to fully evaluate its compatibility with accounting rules and standards.
Respondent 2 adds that one reason for this is that the developers of this kind of system
also consult with CPAs, which makes Respondent 1's statement logical.
Similarly, Respondent 4 states that there is no prohibition in accounting policies
against using this kind of technology; instead, they promote its use. Respondent 3, on the
other hand, brings attention to the potential risk associated with blockchain technology,
specifically related to data privacy. Respondent 3 mentions that the leaking of external
reports may compromise data privacy, which could have implications for the rules and
standards governing accounting practices. This raises a valid concern that should be taken
into consideration when evaluating the implementation of blockchain in accounting
processes.
The efficiency it provides, as stated by Respondent 2 in the second interview
question, is that it uplifts the process for accountants, making work faster and allowing
for more time for other tasks. For example, before blockchain technology, during audits,

45
accountants had to manually check all the listed checks to verify if they were recorded.
But now, with the automatic bank system in SAP, even if you just lie down for a day,
there is automatic reconciliation in the system, giving you more time to focus on
reporting to management.
5.3.1 Link to Related Literature and Studies
The demand for professionals in the accounting and auditing field has been
increasing due to globalization, which has led to greater regulations in financial records
management and economic stability (Ha, 2022). This finding from the literature review
titled "How Technology is Changing the Accounting Profession" aligns with Respondent
2's statement regarding developers consulting knowledgeable individuals for their
system, thereby justifying the continued demand for professionals in the field.
The integration of blockchain technology in accounting practices has the potential
to enhance decision-making processes. Blockchain's characteristics such as immutability,
append-only structure, data sharing, verification, and consensus-driven nature can

46
provide reliable and agreed-upon data (Han et al., 2022). Moreover, the utilization of
artificial intelligence (AI) in combination with blockchain is expected to further advance
continuous auditing practices, forming a cohesive ecosystem for advanced auditing (Han
et al., 2022).
Respondent 2 mentioned in the second interview question that this type of
technology enables them to work more efficiently, resulting in more time for reporting
data to management. This aligns with the potential benefits highlighted in the literature,
indicating that the implementation of blockchain technology can streamline accounting
processes and free up time for accountants to focus on data analysis and reporting tasks.
By linking the insights from Respondent 2's interview to the literature review, it
becomes evident that the integration of technology, particularly blockchain and AI, has
the potential to positively impact the accounting profession. It does not just addresses the
increasing demand for professionals but also enhances decision-making processes and
improves overall efficiency in reporting to management.
5.3.2 Link to Existing Theories
Respondent 2's statement aligns with the theoretical model of UTAUT,
specifically the concept of performance expectancy. According to the UTAUT model, an
individual's behavioral intention to use a technology is influenced by their belief that
using the system will lead to gains in job performance (Venkatesh et al., 2003).

47
Respondent 2 mentioned that using advanced technology like SAP enables them
to work more efficiently, resulting in more time for reporting data to management. This
supports the notion that the respondent believes using the system (SAP) will help them
attain gains in job performance. The respondent´s statement reflects the positive
perception of the technology's usefulness in enhancing their work efficiency and
facilitating their reporting tasks.
By linking Respondent 2's statement to the UTAUT model, it becomes evident
that their belief in the technology's ability to improve job performance aligns with the
concept of performance expectancy. This reinforces the theoretical understanding that
individuals' intentions to use technology are influenced by their perceived benefits in
achieving better job outcomes.
According to respondent 4, (Jorge Garcia), the Blockchain Technology will be
helpful in a way that ¨it still supports the requirements for the data, especially in the
Philippines. ¨ Even though this respondent has only recently learned what blockchain is,
his perceptions about it demonstrate how easily accountants can adopt cutting-edge
technologies like Blockchain.

48
Another example from respondent 1, (Rodolfo San Tiago), who said, "I would
prefer having that technology instead of using the traditional process of accounting," is
how the use of advanced technologies such as blockchain can replace the use of
conventional accounting systems in the Philippines.
Although all of the respondents' answers made clear the advantages of employing
blockchain technology, respondent 5 also made care to emphasize how secure it should
be to store information, showing its improvements once it is implemented in the
Philippines.
Even though every respondent agreed that blockchain technology would be
valuable in their area of work in the future, 3 out of 5 participants in the survey either had
no idea what blockchain technology was or were unsure of how it related to their job. The
findings suggested that the research goal should be to help spread knowledge about
blockchain applications to the accounting industry in the Philippines. It will benefit not
only businesses and companies but also accountants in its overall goal of maintaining
data and information in a secure, accurate state.
5.4.1 Linking to Related Literature and Studies
In related literature, (Dela Cruz, 2022) stated in a news article that several issues,
including a lack of developers, regulatory clarity, high licensing fees, and nascent

49
solutions, impede the full development of the blockchain industry in the Philippines. This
claim is supported by the respondents' responses concerning their familiarity with and
opinions about blockchain technology. Looking back, 3 out of 5 respondents were not
familiar with the idea of blockchain, and it is therefore determined that this knowledge
gap prevents accountants from adapting to current financial trends like blockchain.
Another study of a local article found that blockchain and other modern
technologies are similar, among other things. The accountants' productivity, accuracy,
and value can all be enhanced by using data analytics or machine learning. One of the
mentioned benefits of blockchain is that auditors can concentrate more on risk and fraud
evaluation. Internal auditors and accountants, on the other hand, would find it difficult to
alter the current procedure. (Magsino, 2020). By relating the responses from the
interview to the relevant literature, it becomes clear that accountants can adapt to new
financial trends such as Blockchain If it is exposed enough to the public. Since most
accountants in the Philippines lack understanding of it and are unable to apply it in their
workplaces, the only aspect that needs to be focused on is how it will be advertised in the
Philippines.

50
5.4.2 Linking to Existing Thoeries
A theory of pushing for the training of bank supervisors in cutting-edge
technologies to cultivate the next generation of talent required for the digitalization of the
industry has been implemented in the Philippines, led by the Bangko Sentral ng Pilipinas
(BSP). (Domingo, 2022) This theory supports the research question´s goal to disseminate
information about advanced technologies such as Blockchain, which would be an
advantage to companies and businesses as they will provide knowledge about it,
welcoming the use of advanced technologies and implicating it in the Philippines.
(Domingo, 2022)
5.5 Summary of Findings:
According to the study's findings, Certified Public Accountants believe that
integrating Blockchain technology into their work environment has advantages for the
accounting industry.
Additionally, the Philippines is focusing on promoting blockchain technology and
disseminating knowledge about it as the technology is still mostly unknown to enterprises
and companies in the country.
According to findings, before deploying blockchain technology in businesses,
accountants and even other experts should learn about it first to understand the idea

51
behind it and prevent misunderstandings. This is because the concept of blockchain
technology about keeping accurate information and data transfers is complicated to
understand first, making it hard to apply in real-life scenarios if the user is not
knowledged enough about it.
Overall, the findings of this study provide and interpret the perceptions of
Certified Public Accountants among Selected Cities in Metro Manila on linking
Blockchain Technology in the Accounting System to their respective workplace.
5.6 Conclusions
The accounting industry is found to be impacted by blockchain technology. It was
discovered that it could support the transport and archiving of data in companies,
including financial transactions.
In the Philippines, blockchain technology is not widely used. Three of the five
CPAs interviewed either did not know the word or had heard it but did not understand
what it meant. The respondents recommended blockchain technology be implemented in
businesses and organizations in the Philippines in light of this finding. As a result,
modern technologies like this should be acknowledged with the assistance of the
authorities and appropriate advertising.

52
The efficiency of a workplace is discovered to grow when new technologies are
adopted. According to the interview results, accountants are currently adjusting to
Blockchain Technology. When asked if any accounting rules do not support the usage of
Blockchain Technology, everyone responded in the affirmative. The ability of a business
to retain information safely and accurately is improved by the use of Blockchain
Technology in the accounting industry.
5.7 Limitations:
Limitations of the study include:
Not enough information and guidelines: One problem is that there's not much
information available on how to use blockchain in accounting systems. It would have
been helpful to have more guidelines to make the implementation easier.
Practical challenges: Another issue is that using blockchain in accounting systems can
be tricky. It may not work well with existing systems, and people involved might not be
happy about the changes. It's important to find ways to manage these challenges
effectively.

53
Limited knowledge and understanding: A major limitation is that we don't really know
all the benefits and risks of using blockchain in accounting. We have some ideas, but we
need more research to fully understand it.
Impact evaluation: The study didn't fully evaluate the impact of using blockchain in
accounting. It would have been great to know more about its effects on data security,
efficiency, transparency, and compliance with regulations. Without a thorough
evaluation, we may miss out on important insights.
The limited number of participants: due to difficulties in finding suitable individuals
who met the specific criteria. This limitation affected the generalizability of the findings
and the statistical power of the analyses. The small sample size may have introduced bias
and reduced the representativeness of the study. It also hindered the exploration of
diverse perspectives and experiences, potentially overlooking valuable insights.
Limited time available for analyzing the data: Due to practical constraints, we were
unable to thoroughly examine all aspects of the collected data. This constraint may have
hindered our ability to uncover important patterns and fully explore the research question.
5.8 Recommendations:

54
Taking the research of the research findings on how Certified Public Accountants
(CPAs) from Metro Manila perceive the integration of blockchain technology in
accounting systems, there are two important recommendations for future researchers.
1. Conduct in-depth studies on the practical implementation challenges: Future
researchers should focus on conducting comprehensive studies to identify and address
the practical challenges associated with implementing blockchain technology in
accounting systems. This includes investigating technical requirements, compatibility
with existing infrastructure, stakeholder resistance, and change management
strategies. By understanding and addressing these challenges, researchers can provide
valuable insights and guidelines for successful implementation.
2. Evaluate the long-term benefits and risks: Future researchers should undertake
thorough evaluations to assess the long-term benefits and risks of integrating
blockchain technology in accounting systems. This entails analyzing its impact on
data security, operational efficiency, transparency, and regulatory compliance. By
conducting comprehensive assessments, researchers can provide organizations with
valuable information to make informed decisions regarding the adoption of
blockchain technology.

55
These recommendations aim to provide clear guidance to future researchers,
encouraging them to focus on investigating the practical implementation challenges and
evaluating the long-term benefits and risks associated with integrating blockchain
technology in accounting systems.
BIBLIOGRAPHY
Anderson, M. (2019b, February 7). Exploring Decentralization: Blockchain Technology
and Complex Coordination. Journal of Design and Science.
https://jods.mitpress.mit.edu/pub/7vxemtm3/release/2
Baiod, W. ., Light, J. ., Mahanti, A. .(2021). Studocu. (n.d.). Blockchain Technology and
its Applications Across Multiple Domains A Survey-1 - lib.csusb/jitim Part - Studocu.
https://www.studocu.com/ph/document/philippine-school-of-business-administration/
bachelor-of-science-in-accountancy/blockchain-technology-and-its-applications-across-
multiple-domains-a-survey-1/29725760

56
Barney, N., & Holak, B. (2023, January 12). stakeholder. CIO.
https://www.techtarget.com/searchcio/definition/stakeholder#:~:text=A%20stakeholder
%20is%20a%20person,can%20have%20no%20official%20affiliation.
Bellucci, M. ., Bianchi, D. C. ., Giacomo, M. .(2022, March 28). Blockchain in
accounting practice and research: systematic literature review. Emerald Insight.
https://www.emerald.com/insight/content/doi/10.1108/MEDAR-10-2021-1477/full/html
Calundan, O. .(2020, July 24). Accounting for crypto-assets: Philippine perspective.
Philippine Accounting Updates. https://philcpa.org/2019/07/accounting-for-crypto-assets-
philippine-prespective/
Carbo J. .(2018, August 4). Introducing Accounting Blockchain – Connecting businesses
and Empowering People. Clemente Aquino & Co., CPAs: Baguio Accountants and
Consultants - Accounting and Auditing Firm. https://cacac.com.ph/2018/08/introducing-
accounting-blockchain-connecting-businesses-and-empowering-people/
Cruz, R. T. D. .(2022, June 17). Filipino CEO spots ample opportunities in blockchain.
Manila Standard. https://manilastandard.net/business/314237161/filipino-ceo-spots-
ample-opportunities-in-blockchain.html

57
Cryptographic Keys | XRPL.org. (n.d.). https://xrpl.org/cryptographic-keys.html
Singh, K. (n.d.). What is Smart Contracts? https://www.linkedin.com/pulse/what-smart-
contracts-kumar-singh
Dba, G. V. .(2021, August 18). An Introduction to Blockchain: What Does it Mean for
the Accounting Profession? The CPA Journal.
https://www.cpajournal.com/2021/08/18/an-introduction-to-blockchain/
Dean, B. .(2022, September 30). Blockchain — The what and why for accountants
https://www.vscpa.com/article/blockchain-what-and-why-accountants
Domingo, R. W. .(2022b, March 31). Blockchain in banking, finance cued for surge |
Inquirer Business. INQUIRER.net. https://business.inquirer.net/344760/blockchain-in-
banking-finance-cued-for-surge
Drew, J. ., Quaranta, R. ., Asgeirsson, E. .(2020, February 3). Where accounting really
stands with blockchain. Journal of Accountancy.
https://www.journalofaccountancy.com/podcast/blockchain-accounting.html

58
Edusma, R. C. .(2022a, July 7). Cryptocurrency accounting and taxation. Taxwise or
Otherwise. BusinessWorld Online.
https://www.bworldonline.com/economy/2022/07/27/464351/cryptocurrency-accounting-
and-taxation/
Frankenfield, J. (2023a, February 4). Cryptocurrency Explained With Pros and Cons for
Investment. Investopedia. https://www.investopedia.com/terms/c/cryptocurrency.asp
Frankenfield, J. (2023b, February 11). Distributed Ledger Technology (DLT): Definition
and How It Works. Investopedia. https://www.investopedia.com/terms/d/distributed-
ledger-technology-dlt.asp
Guinigundo, D. C. . (2022, September 16). Blockchain and new trends in money.
BusinessWorld Online.
https://www.bworldonline.com/opinion/2022/09/15/474812/blockchain-and-new-trends-
in-money/

59
Ha, C. . (2022b, December 16). How Technology Is Changing The Accounting
Profession. Innovature BPO. https://innovatureinc.com/how-technology-is-changing-the-
accounting-profession/
Han, H. ., Shiwatoki, R. ., Jarvis, R. ., Mordi, C. ., Botchie, D. .(2022, November).
Accounting and auditing with blockchain technology and artificial Intelligence: A
literature review. https://doi.org/10.1016/j.accinf.2022.100598
Hayes, A. (2022, September 27). Blockchain Facts: What Is It, How It Works, and How
It Can Be Used. Investopedia. https://www.investopedia.com/terms/b/blockchain.asp
Ismael, K. J. .(2021, September 6). Cryptocurrency Accounting in the Philippines Guide.
BitPinas. https://bitpinas.com/learn-how-to-guides/cryptocurrency-accounting-in-the-
philippines-guide/
Kenton, W. (2022, August 12). Economy: What It Is, Types of Economies, Economic
Indicators. Investopedia. https://www.investopedia.com/terms/e/economy.asp
Magsino, L. .(2020, February 6). Blockchain Technology Will it be a game-changer in
Accounting and Auditing? – Philippine Business School.

60
https://phbusinessschool.com/blockchain-technology-will-it-be-a-game-changer-in-
accounting-and-auditing/
Peraph, W. K. ., Abas, R. P. .(October 2021). Applicability of Blockchain Technology in
the Normal Accounting Cycle.
https://www.researchgate.net/profile/Reynaldo-Jr-Abas/publication/
355033391_Applicability_of_Blockchain_Technology_in_the_Normal_Accounting_Cyc
le/links/6159216b61a8f466709e2b05/Applicability-of-Blockchain-Technology-in-the-
Normal-Accounting-Cycle.pdf?origin=publication_detail
Rentoy, J. R. .(2019). The Acceptability of Cryptocurrencies as Mode of Payment among
Millenial Certified Public Accountants in the Philippines. DOI:
10.5220/0008432804900497 . In Proceedings of the 2nd International Conference on
Inclusive Business in the Changing World (ICIB 2019), pages 490-497 ISBN: 978-989-
758-408-4
Singer, M. ., & Mba, G. K. . (2021b, September 20). Blockchain Technology: Shaping
the Future of the Accountancy Profession. IFAC. https://www.ifac.org/knowledge-

61
gateway/preparing-future-ready-professionals/discussion/blockchain-technology-shaping-
future-accountancy-profession
Singh, K. (n.d.). What is Smart Contracts? https://www.linkedin.com/pulse/what-smart-
contracts-kumar-singh
Studies, L. (2022, October 23). Research.
https://www.librarianshipstudies.com/2017/11/research.html
Tuovila, A. (2020, November 30). Accountant Responsibility: Overview and Examples.
Investopedia. https://www.investopedia.com/terms/a/accountant-responsibility.asp
Vetter, A. . (2018, August 20). Blockchain, machine learning, and a future accounting.
Journal of Accountancy.
https://www.journalofaccountancy.com/newsletters/2018/aug/blockchain-machine-
learning-future-accounting.html
Williams, E. (2020, September 10). The technology of less technology - Ev
Williams - Medium. Medium. https://ev.medium.com/the-technology-of-less-

62
technology-50b6752a74b#:~:text=Technology%20is%20defined%20as
%20the,traditionally%20think%20of%20as%20technology
What is Globalization | IGI Global. (n.d.).
https://www.igi-global.com/dictionary/globalization/12284
WqWCryptographic Keys | XRPL.org. (n.d.). https://xrpl.org/cryptographic-keys.html
Yager, T. .(2023b, January 31). Learn What is Blockchain Accounting at ESU Online.
Emporia State.
https://online.emporia.edu/degrees/business/masters-accounting/blockchain-acct/
APPENDIX A
SAMPLE INFORMED CONSENT FORM
Greetings!
Dear Participant,
We, the researchers from Emilio Aguinaldo College – Manila, are presently undertaking a
research study entitled “The Perceptions of Certified Public Accountants among Selected Cities
in Metro Manila on Linking Blockchain Technology in the Accounting System of their
Respective Workplace”. In order to obtain the necessary data, we need to conduct an in-person
interview as part of the research requirements.

63
May we ask you to be one of our participants in this regard? Your participation would
greatly assist us in completing our study. Rest assured that any information you provide will be
treated with the strictest confidentiality and will only be used for research purposes.
I agree. I disagree.
We appreciate your time and cooperation. Thank you and stay safe!
Attested by:
Llamera, Kristine Joy A.

Research Leader
Email: kristinejoy.llamera.mnl@eac.edu.ph
Contact No.: 09456276049
____________________________
Name and Signature of Participant
Date: ________________

64

65

66

67

68

69
APENDIX B
VALIDATION SHEET
CONSENT FOR PARTICIPATION AS RESEARCH VALIDATOR
Name:
Position/Designation:
School/ Company:
Dear ,
We are 11-ABM2 of Emilio Aguinaldo College Manila (EACM). As part of our requirements for
our Research in Daily Life, our group is conducting a study entitled “The Perceptions of Certified Public
Accountants among Selected Cities in Metro Manila on Linking Blockchain Technology in the
Accounting System of their Respective Workplace.”
To answer our research questions, we need validators to validate our questionnaire. We would
like to invite you then to become one of our validators. We will give you a printed copy of our interview
guide.
We assure you that we will observe strict confidentiality in handling all the information you will
provide and will use them only for the purpose stated. If you are willing, please sign the conforme.
Thank you and we look forward to your favorable response. For any questions, you may contact
us through the email address and telephone numbers provided below.
Yours truly,
Ebrada, Maria Lovely Joy N.

Galarpe, Sweet Fiona Beyonce
Llamera, Kristine Joy A.
Lara, Stephanie M.
Kristinejoy.llamera.mnl@eac.edu.ph
09456276049
CONFORME:
_____________________

70
RESEARCH INSTRUMENT VALIDATION SHEET
Name of validator: Date of validation:
Position/Designation: School/Company:
Title of Research: “The Perceptions of Certified Public Accountants among Selected Cities in
Metro Manila on Linking Blockchain Technology in the Accounting System of their Respective
Workplace.”
Research Questions:
1. What are the perceptions that the accountants have about blockchain technology?
2. How does the concept of blockchain invalidate the rules and standards of accounting
system in businesses in the Philippines?
3. How does the system of Accountancy in the Philippines adapt to financial trends such
as Blockchain?
To our validator, please rate the attached instrument/interview guide using the scale below. Tick
[ / ] the corresponding rates according to your assessment. Thank you.
5 – Strongly agree 4 – Agree 3 – Undecided 2 – Disagree 1 – Strongly disagree
CRITERIA 1 2 3 4 5 REMARKS
Clarity – language and vocabulary

used is comprehensible to the
respondents/participants.
Directions are clear and coherent.
Organization – the items in the

instrument are logically arranged
and flows smoothly from one to
the next.
Mechanics – the instrument is

technically sound. Correct
grammar is observed and there are
no misspellings.

71
Content Validity – the items will

elicit the right responses that will
answer the research questions.
Face validity – the instrument

looks appropriate for its purpose.
Ease – there is just enough

number of items for the
respondents to be able to
accomplish it without undue
burden or excessive time
requirement.
Ethics – there is no cultural and

linguistic bias that can be inferred
from the items.
Integrity – it uses original

wording and structure gives credit
where credit is due.
Confidentiality – the respondents

are assured that information given
will be handled with strict
confidentiality and will only be
used for the purposes stated.
COMMENTS:
__________________________________ _______________________
Signature above printed name Date

72

73

74
APPENDIX C SAMPLE INSTRUMENT
RESEARCH INSTRUMENT / INTERVIEW GUIDE
Name of Respondent: ________________________________ Date: ___________________

Venue: ____________________________________________ Time: __________________
SOP 1:
- What are the perceptions that the accountants have about blockchain technology?
1. Do you know the concept of Blockchain Technology? If yes, could you briefly explain it?
2. What is your opinion about using advanced technologies such as blockchain in your
profession?
SOP 2:
- How does the concept of blockchain invalidate the rules and standards of accounting
system in businesses in the Philippines?
3. Do you know any guidelines in accounting that don’t support the use of advanced
technologies? If yes, what is it?
4. Referring to question number 3, how do you think these guidelines affect the rules and
standard of accounting system here in the Philippines?
SOP 3:
- How does the system of Accountancy in the Philippines adapt to financial trends such
as Blockchain?
5. How will you describe your experience of using advanced technologies such as
blockchain in your profession?
6. Do you think blockchain technology will be useful in your profession? Why or why not?

75
APPENDIX D
CURRICULUM VITAE OF THE RESEARCHERS
CURRICULUM VITAE
Personal Information:
Name: Kristine Joy Llamera
Number: 09456276049
EmailAdd: kristinejoy.llamera@mnl.eac.edu.ph
Address: #26 Palawan St. Bago Bantay Quezon City
Date of Birth: February 12, 2006
Place of Birth: San Carlos City, Pangasinan
Civil Status: Single
Religion: Roman Catholic

76
Educational Attainment:
College: N/A
Upper Secondary: Emilio Aguinaldo College (Present)
Secondary: Longos National High School (2018-2019),
Esteban Abada High School (2019-2022)
Elementary: Santa Barbara Central School (2013-2015), (2016-2018)
Pilar II Central School (2015-2016)
Primary: Eagles Nest Christian Academy (2010-2011)
Banaoang Central School (2011-2012)
Organiational Memberships:
1. Magdalo jr. (Feature Writer), current (2022-2023) – Emilio Aguinaldo College - M

2. Member, Journalist Org. (Photojournalist), (2017) – Santa Barbara Central School
3. Member, Poet Club (Poet), (2014) – Santa Barbara Central School
4. Member, Poet Club (School Poet Representative), (2013) – Santa Barbara Central School
5. Member, Organisasyong Simbahan (2014-2016) – Holy Family Parish, Pangasinan
6. Memeber, English Club (2018-2019) – Esteban Abada High School
7. Member, H.E org (2019-2020) – Esteban Abada High School
8. Memeber, Math Club (Logo, layout artist) (2022) – Esteban Abada High School
9. Member, Poet Club (Oratorical contest winner/member) (2020) – Esteban Abada High
School

77
10. Member, Poet Club (Oratorical contest representative/member/winner) (2022) – Esteban
Abada High School
Seminars Attended:
1. "Research Spilling Tea" Abril 17, 2023 Main auditorium, EAC building 6
2. UPCAT online seminar review, Tenten’s Academy Online Tutorial, April 11-12, 2023.
Zoom Meeting
3. UPCAT online seminar orientation, Tenten’s Academy Online Tutorial, April 13, 2023.
Zoom Meeting
4. ABLAZE 3-Day Community-Based Marketing Campaign, March 29, 2023, EAC bldg 5
5. RSPC Seminar and Contest November 16, 2017, Lingayen
6. Educational Trip, Longos National High School, March 3, 2019, Bataan
7. UP Fair iskolar ng bayan advocacy event – Cosmos, February 18, 2023, UP Diliman Q.C
8. ABLAZE Assemblage “Keeping the BLAZE Alive, Fostering Relationship of Yourh
Towards Harmony” October 10, 2022, Main auditorium, EAC building 6
9. BLM movement online advocacy event/seminar, May 30, 2020, Zoom Meeting
10. Nutrition Month Event Seminar “Kalamidad Paghandaan: Gutom at Malnutrisyon
Agapan” August 10, 2014, Santa Barbara Central School
11. Nutrition Month Event Seminar “Gutom at Malnutrisyon, Sama-sama nating Wakasan”
July 10, 2013, Santa Barbara Central School
12. Incoming Election Seminar/Advocacy Event, May 6, 2022, Zoom Meeting

78
CURRICULUM VITAE
Name: Stephanie Marco Lara
Number: 09853616235
EmailAdd: stephanie.lara.mnl@eac.edu.ph
Address: 1220 General Luna st. Paco Manila
Date of Birth: August 4, 2006
Place of Birth: Lapinig, Sorsogon
Religion: Born again
College: N/A
Secondary: Araullo High School (2018-2022)

79
Elementary: Justo lukban Elementary School (2013-2018)
Organizational Membership:
N/A
Seminars Attended:
1. "Research Spilling Tea" Abril 17, 2023 Main auditorium, EAC building 6

80
CURRICULUM VITAE
Name: Maria Lovely Joy N. Ebrada
Number: 09667148485
EmailAdd: marialovelyjoy15@gmail.com
Address: 2708 Legarda st. sampaloc manila
Date of Birth: May 15, 2006
Place of Birth: Hospital ng Maynila
Religion: Roman Catholic

81
College: N/A
Secondary: antonio j. villegas vocational high school (2019- 2022)
Elementary: amado v. hernandez elementary school (2013-2018)
N/A
Seminars Attended:
N/A

82
CURRICULUM VITAE
Name: Sweet Fiona Beyonce O Galarpe
Number: 09052468758
EmailAdd: galarpebeyonce5@gmail.com
Address: 36 purok 1 A brgy culiat luzon ave tandangsora Quezon city
Date of Birth: October 13 2003
Place of Birth: Quezon city
Religion: Christian

83
College: N/A
Secondary: Judge Feliciano Belmonte Sr. High School (2020-2021)
Elementary: Matandang balara elementary School (2017-2018)
1. Member, 2023- Currently Emilio aguinaldo college Students assistant
2. Vice President, 2020-2021 Hide out fusion, Quezon Avenue
3. Member, 2023- Kasalukuyan Assistant Coach, Eco Park Fairview
Seminars Attended:
N/A

84

Qualitative Research Paper Format Copy BB

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Qualitative Research Paper Format Copy BB

Uploaded by

Copyright:

Available Formats

Emilio Aguinaldo College -Manila

1113-1117 San Marcelino St.

The Perceptions of Certified Public Accountants among Selected Cities in

Metro Manila on Linking Blockchain Technology in the Accounting System of

their Respective Workplace

Galarpe, Fiona Beyonce

Ebrada, Maria Lovely Joy

Llamera, Kristine Joy

School Year 2022-2023

Senior High School Department

Linking Blockchain Technology in the Accounting System of their Respective Workplace

Lara, Kristine Llamera from 11ABM2 is hereby approved and accepted.

Cherry Grace Mae Villa

Senior High School Department

Accountants among Selected Cities in Metro Manila on Linking Blockchain Technology in

accept where due acknowledgment is made in the text.

Galarpe, Fiona Beyonce

Ebrada, Maria Lovely Joy

Llamera, Kristine Joy

Senior High School Department

1.1. Background of the Study

This study focuses on the perceptions of Certified Public Accountants about

linking Blockchain Technology in the accounting system of companies and businesses in

the Philippines. The constant development of technology in globalization such as

blockchain, affects various aspects in the economy and professions in various fields,

One of the concepts developed by the technology is the idea of blockchain.

Blockchain is a digital database of information (such as records of financial transactions)

immutable. (Merriam Webster Dictionary, n.d)

businesses directly or through peer-to-peer. With this technology, recorded transactions

are consistent and cannot be tampered with or corrupted.

Senior High School Department

about blockchain technology among people who work under the accounting profession.

the Philippines is being hampered by a number of problems, including a lack of developers,

significance and effects of blockchain in numerous applications.

Senior High School Department

1.2. Statement of the Problem (Research Questions)

1. What are the perceptions that the accountants have about blockchain technology?

2. How does the concept of blockchain invalidate the rules and standards of accounting system

in businesses in the Philippines?

1.3. Significance of the Study

The impact of blockchain technology on accounting systems is a topic of significant

stakeholders, such as accounting professionals, accounting students, businesses,

leading to more efficient and accurate accounting practices.

Senior High School Department

benefits, including a deeper understanding of accounting principles, improved critical

thinking skills, and enhanced career prospects.

potential impact of blockchain technology on accounting systems in developing

technology in accounting systems, leading to more efficient and accurate accounting

Senior High School Department

knowledge on the subject.

1.4. Scope and Delimitation

The focus of this research is to identify perceptions of Certified Public Accountants

on linking Blockchain Technology in the accounting system in the Philippines. The interview

is limited in scope accountants living in Metro Manila.

By analyzing the individual awareness levels in accounting to blockchain concepts,

the impact of blockchain technology on accounting systems of businesses in the Philippines.

applied to the accounting system.

Senior High School Department

1.5. Review of Related Literature and Related Studies

Conducting a literature review is fundamental since it prevents duplication of studies and

with the study’s main points.

Senior High School Department