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ECONOMIC & BUSINESS ISSUES IN
RETROSPECT
& PROSPECT

Marcel Mečiar
Kerem Gökten
Ahmet Arif Eren

IJOPEC
PUBLICATION
London ijopec.co.uk Istanbul
Economic and BusinEss
issuEs in REtRospEct
and pRospEct

Edited By
Marcel Meciar
Kerem Gökten
Ahmet Arif Eren
Economic and Business Issues in Retrospect and Prospect
(Edited by: Marcel Meciar, Kerem Gökten, Ahmet Arif Eren)

IJOPEC
PUBLICATION
London ijopec.co.uk Istanbul

IJOPEC Publication Limited

www.ijopec.co.uk
CRN:10806608
E-Mail: info@ijopoc.co.uk
615 7 Baltimore Wharf
Phone: (+44) 73 875 2361 (UK)
London E14 9EY
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Economic and Business Issues in Retrospect and Prospect

First Edition, March 2019
IJOPEC Publication No: 2019/03

ISBN: 978-1-912503-68-1

No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronically
without author’s permission. No responsibility is accepted for the accuracy of information contained in the text, illustrations
or advertisements. The opinions expressed in these chapters are not necessarily those of the editors or publisher.

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British Library and Google Books.
The publishing responsibilities of the chapters in this book belong to the authors.

Printed in London.

Composer:
IJOPEC ART DESIGN

Cover Illustrators designed by Freepik

 PART IV
FISCAL AND MICROECONOMIC POLICY
24. FOOD-AWAY-FROM-HOME EXPENDITURES, HOUSEHOLD DEMOGRAPHICS
AND WORKING HOURS OF MARRIED WOMEN ...................................................................................277
Gökhan Aykaç (Phd)
25. FISCAL AND ECONOMIC IMPACTS OF POPULATION AGEING: THE CASE OF TURKEY.......289
Mustafa Kiziltan (Phd), Anna Golovko (Phd)
26. NEW APPROACH IN FISCAL POLICY: FISCAL RULES AND ESCAPE CLAUSES............................303
Hakan GÜNEŞ
27. INNOVATIVE FISCAL POLICY AND ECONOMIC GROWTH: THEORETICAL EVALUATION.....313
Mustafa Alpin GÜLŞEN

PART V
Management, Accounting and Finance
28. THE RELATIONSHIP BETWEEN THE NATURAL GAS, OIL PRICES AND INDUSTRIAL
PRODUCTION INDEX...................................................................................................................................323
Temur KAYHAN, Mustafa UYSAL
29. EFFECTS OF WORD OF MOUTH MARKETING ON TAKING AND
GIVING ADVICE HABITS IN MEDICAL INSTITUTIONS.......................................................................333
Zührem YAMAN
30. AN OVERVIEW OF HEALTH TOURISM................................................................................................343
Mehmet YORULMAZ
31. ENSURING BRANDING IN RURAL TOURISM VIA
MEDICAL AROMATIC HERBS AND AN EMPRICAL STUDY..................................................................355
Bilge DOĞANLI
32. QUALITY AND PATIENT SAFETY IN HEALTHCARE SERVICES......................................................371
Mehmet YORULMAZ
33. IMPORTANCE OF THE TRANSFER PRICING IN MULTINATIONAL ENTERPRISES..................381
Seçkin ARSLAN
34. THE EFFECT OF RESEARCH AND DEVELOPMENT EXPENSES ON
BUSINESS PROFITABILITY: EVIDENCE OF BORSA İSTANBUL.............................................................395
Mustafa KILLI
35. EFFECTS OF BLOCKCHAIN TECHNOLOGY ON ACCOUNTING
AND AUDITING PROFESSION.....................................................................................................................405
Mustafa KILLI
36. THE RELATIONSHIP BETWEEN OPTIMAL EXPERIENCE (FLOW) AND PERFORMANCE.......415
Meryem Derya YEŞİLTAŞ
37. IS THE VOLATILITY OF BIST 100 INDEX AFFECTED BY REGIME CHANGES?...........................423
Nazan ŞAK

5
35
EFFECTS OF BLOCKCHAIN TECHNOLOGY ON
ACCOUNTING AND AUDITING PROFESSION
Mustafa KILLI1

1. Introduction
Blockchain which is defined as the most important technological development that comes into our lives after the
internet by technology circles, attracts attention with its wide application potential. Blockchain technology was
first recognized with Bitcoin, the first cryptocurrency in the world. Bitcoin is the first application of blockchain
technology (Iansiti ve Lakhani, 2017). Although blockchain technology has been developed for use on the
infrastructure of crypto currencies such as Bitcoin, it has the potential to be used in different sectors such as
finance, health, real estate, supply chain, government agencies and telecommunication (Kırbaş, 2018). Blockchain
technology continues to be rapidly developed in the oncoming process, especially along with the application
potential in accounting and finance.

Blockchain technology which forms the infrastructure of the bitcoin is noteworthy for bringing an innovative
perspective to the trade models, eliminating the need for intermediary institutions. Blockchain technology is a
system that eliminates transactions and contracts applied in regulated money transfers, reduces transaction costs in
making online payments and allows transactions without banking information (Çiftçi & Evci,2018). This system
is based on the principle of simultaneous approval and monitoring of the money flow from many different sources
and keeping the account record in transparently. Thanks to this system which is expected to become widespread
in the markets by eliminating centralization in all areas of trade, can be encountered the buyer and the seller
without intermediary.

Companies and institutions have become very keen to explore new areas of application using blockchain technology
which truistic by bitcoin application. Particularly finance companies, leading organizations operating in many fields
such as insurance companies, retail industry and public institutions, show great interest in blockchain technology
and are involved in application development efforts (Avunduk & Aşan,2018).

The aim of this study is to explain the effects of blockchain technology on the accounting profession. In this
direction, firstly blockchain technology is defined, types, advantages and disadvantages are explained. Then, the
evaluations on the innovations brought by the technology to the accounting and auditing areas were referred and
the potential effects on the accounting and auditing profession were discussed.

2. Blokchain Technology
Bitcoin was first suggested by unknown the person or people who used the pseudonym Satoshi Nakamoto.
The blockchain technology suggested for Bitcoin is a innovatory protocol that handles transaction past using a
decentralized ledger and verifies transactions by cryptography (Hambiralovic & Karlsson, 2018). Bitcoin which is
1 Asst. Prof. Osmaniye Korkut Ata University, mkilli@osmaniye.edu.tr.

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Mustafa KILLI

a cash-like currency and offers a way to exchange property at peer to peer, is not based on a central clearing house
such as financial institution. Instead, each ancient bitcoin operation is stored in a globally distributed digital ledger
called blockchain that follow entire bitcoin transaction historically (Nakamoto, 2008; Byström,2016). In essence,
the blockchain is a decentralized ledger that permanently records transactions between two parties without third
party authentication (Marr, 2018).

A blockchain is a type of database used to register transactions through a distributed system. All participants such
as individuals or companies using the shared database, are “nodes” connected to the blockchain, each keeping an
identical copy of the ledger. Each entry into a blockchain is a transaction that represents a value change between
participants. In practice, many varied types of blockchains are being developed and examined. Nevertheless, most
of blockchains track this common frame and approach (CpaCanada, 2018).

Whereas conventional databases records all data on single servers, blockchain databases are copied and stored on
all computers that join the network. A blockchain is a digital ledger distributed to multiple locations to provide
security and ease of global access. Currently, the primary use of this technology is bitcoin and other crypto
currencies. However, it is expected to completely stop accounting operations of block chain technology in the
very near future (Taylor,2017).

The most basic features of blockchain technology which are make different from today’s known ledgers are as
follows (Icaew, 2018).

Propagate: There is no single ‘master’ copy of a blockchain ledger, contrary there are many copies. All participants
can access an exact copy of the ledger and all copies are same and equivalent. None of parties can control the
ledger. New transactions can be saved rapidly and propagate to copies of all participants.

Permanence: When each user has own copy of the ledger, reality is designated by unanimity. Older transactions
cannot be changed without consensus, meaning that blockchain registers are persistent. The whole ledger is stored
by all participant and can be controlled and substantiated.

Programmability: Some blockchains permit for storage of program code as well as ledger records - generating
automatic daily entries that automatically run when started. These are called smart contracts.

Types of Blockchain
Blockchain types can be classified from various angles. There are different types of blockchain depending on
whether authorization is required for network nodes that perform duty as confirmatory and whether blockchain
data are accessible (Peters & Panayi, 2016):

• Public (Permissionless) Blockchains: It is the blockchains where everyone with a technical competence can
be involved in the registration approval process without needing any preapproval or authorization and generally
in return for monetary reward incentives. The most typical example is Bitcoin. The Bitcoin network is open to
everyone, because anyone is using the appropriate Bitcoin software can read or write data from the ledger. In such
structures, blockchain data can be accessible to everyone, or mixed blockchain structures can be created in which
the accessibility of data is restricted in various ways (Ünsal & Kocaoğlu, 2018).

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• Private (Permission) Blockchains: The blockchains used for special purpose applications that predetermined
by an authority or consortium of the participants will be included in the registration approval process. It is used
for inter-company or in-company applications which public disclosure of performed transactions is objectionable.

Advantages and Disadvantages of Blockchain Technology

Blockchain technology identified as a digital ledger which the records cannot be deleted or changed is considered
to have significant advantages that will replace of the traditional accounting system. Keeping the accounting records
with blockchain technology and due to the fact that especially each block added to the chain cannot be changed
unilaterally without the consent of all parties. It provides significant advantages such as minimizing the risks of
fraud and corruption, operational simplification by means of accounting transaction (Özdoğan & Kargın,2018).

According to Fanning & Centers (2016), the advantages of blockchain technology: Firstly, there is currently a peer-
to-peer network that has no an only point of unsuccess. If there is a fault in any node, the another nodes will sustain
to run, saving availability of the system. Secondly, almost all documents are electronic and can be easily performed
to many varied implimentations. Thirdly, all transactions on the blockchain are appear to entire its participants.
This increases the controllability and reliability of transactions. Fourthly, it is extremely difficult to make changes
in blockchain and in the very scarce situation, such a change occurs, it can be seen by other participants. These
superiority of blockchain technology will eliminate third party intermediaries, decrease transaction costs and lead
to transformation in many sectors. Obviously, the blockchain is the essential of the bitcoin protocol.

Like all technologies in the development process, blockchain technology has many significiant opportunities, rich
potential applications range and advantages as well as various uncertainties and disadvantages. The disadvantages
of blockchain technology can be listed as follows. (Özdoğan & Kargın: 171):

• New Technology: There is not enough evidence whether expected yield from the system has been received due
to the fact that it is a developmental technology. Resolving difficulties such as speed of transactions, verification
process and data limits will be crucial in making the blockchain widely applicable.

• Performance: Since blockchain technology does not support the currently used technological infrastructures,
it is doubtful that it will reach the targeted level of efficiency. By its nature, blockchain technology will always be
slower than central databases. While perform a transaction, a blockchain has to do the similar things as a normal
database, but it also carries three additional loads (Niranjanamurthy, Nithya & Jagannatha, 2018): 1-Signature
Verification: Each blockchain transaction must be digitally signed. The generation and verification of these signatures
is numerically complicated and creates a primary congestion. 2-Reconciliation Mechanisms: In a distributed database
such as blockchain, efforts should be made to ensure the nodes in the network obtain agreement. 3- Overplus:
While central databases perform transactions one or two times, in a blockchain must be processed independently
by each node on a network. So, much more work is done for similar outcome.

• Confidentiality: In particular, there are concerns about it can be revealed by reversed engineering studies of
transactions that take place between the institutions and involve confidentiality.

• Legal Obligations and Compliance: Due to the fact that it is a developing technology and it is not supported by
any other state, there is a legal gap in practice and this situation creates a concern about the future of technology.

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• Real Costs: While the elimination of intermediaries of the system provides a significant cost advantage, there
are problems in exactly measuring the actual costs.

In addition to theese disadvantages, slowness of the blockchain system, longer wait times in approval processes
and higher data size are regarded as other disadvantages.

3. Effects on Accounting and Auditing

Potential Effects on Accounting Profession

In recent years, the digital transformation emerging in every field is closely influenced to accounting profession
and practices. The digital age has led to the use of various technologies that make faster and more secure of the
accounting applications. New technologies are making it easier for accountants to play a more active role in ongoing
operations of their clients’ (Nixon, 2016). Blockchain technology which is one of these technologies is still a new
technology, but considering the potential impacts on the accounting profession, accountants need to understand
what this new technology will bring (Alarcon & Ng, 2018). Technological developments can threaten livelihood
of people in any profession. Whether an opportunity or a threat for the accounting profession of blockchain
technology should be understood and concerns must be addressed. (Tysiac,2017).

The use of blockchain technology especially in accounting and auditing functions has come into prominence
as a result of expansion of usage areas in financial markets and becoming an important technologic solution for
many business functions (Özdoğan& Kargın, 2018). The blockchain is an advanced technology ready to convert
invoicing, payment transactions, contracts and documentation with significant implications for accountants, finance
specialists and regulators (Kokina, Mancha & Pachamanova, 2017).

The blockchain is a digital ledger on which transactions are recorded chronologically and be able to seen of anyone
with access (Tysiac,2017). Blockchain is basically a ledger that can never be changed and its records can never be
destroyed. Therefore, it can be useful as a reliable and continuously updated ledger for a company’s accounting
records. This is due to the fact that blockchain technology can be used not only to transfer digital currency between
a buyer and a seller, but also to transfer ownership of the other two assets between the two companies in a cheap,
efficient and reliable manner (Byström, 2016).

As blockchain technology continues to evolve and new areas of use are investigated, the accounting profession defined
as an area that can benefit greatly from blockchain. Although the exact results of blockchain-based accounting are
not yet known, the primary benefits discussed include reducing the risk of fraud, large cost savings and increasing
accuracy in financial reports (Hambiralovic&Karlsson,2018). Blockchain facilitates accounting, provides real-time
reporting and real-time audit.

Blockchain and Triple-Entry Accounting

The most important innovation introduced by the blockchain technology to accounting applications, it is shown
as conversion to the triple-entry bookkeeping system from the traditional double-entry bookkeeping system (Uçma
& Kurt,2018).

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Traditional accounting is based on a double-entry bookkeeping system, which is basically a credit-debit mechanism
where any entry in an account requires an entry corresponding to a different account (Simoyama, Grigg, Bueno
& Oliveira, 2017). Blockchain is a creating advantage technology rather than a revolutionary technology which
changes and intervenes traditional accounting recording techniques, creates a new accounting technique.

Triple-Entry Accounting is a scientific concept designed by Ijiri (1986), a professor at Carnegie Mellon University.
Then, before the invention of blockchain technology, Grigg (2005) proposed a system in which a transaction
between the two parties was confirmed by a third party. However, this system required an independent and reliable
intermediary to verify each transaction. With the development of blockchain technology, this concept has come
up again. Blockchain technology has the potential to develop this mechanism and to reduce troubles. Blockchain
technology assumes role of the intermediary by automating the verification process. Due to the nature of the
blockchain, it cannot be changed or destroyed after an accounting entry has been approved (Dai & Vasarhelyi, 2017).

It is come to the fore that recording in the blockchain environment of a accounting transaction that occurs with
blockchain technology. This technology cause to be forming of distributed and public accounting records instead
of central accounting records. Records made on the blockchain are defined as ‘triple-entry accounting’, because
they create a third recording environment in addition to existing double-entry accounting records (Aslan & Türün,
2018). Furthermore, this technology is called ‘Real Time Accounting’ because it causes the accounting records to
be seen immediately (Byström,2016).

Potential Effects on the Audit Profession

Another area that benefits from the blockchain is the audit profession. A financial statement is only a summary
of what is happening during the period in a company’s ledger. The responsibility of the auditors in auditing the
financial statements is to conduct an examination in accordance with professional standards, to reach an opinion
on the integrity of the financial statements and to report their findings (Dursun, 2005). The opinion of an auditor
on the financial statements is important because of the external parties sometimes rely on the auditor’s opinion
and the relevant financial statements when making investment decisions (Demir & Çiftçi,2016). If the financial
statements of the company appear promising and the auditor gives an opinion indicating the accuracy of the
financial statements, then a person or business may decide to continue to invest in this business. Therefore, it is
said that the auditor is responsible for protecting the public when conducting the audit. That is where can play
an inseparable role of blockchain technology behind Bitcoin (Lazanis, 2015).

If a company voluntarily records its commercial transactions in a blockchain, each transaction is permanently
recorded with a timestamp. This situation, preventing it from being altered ex-records. The firm’s all ledger is
then instantly visible to any partner, customer, lender, vendor or other related party and anyone can aggregate the
company’s transactions in real time to the form of an income statement and balance sheet (Yermack, 2017). In
other words, most of the works that the auditor performs in today’s accounting world can accomplish much more
efficiently and more timely with the blockchain in the near future. If a firm holds all its operations and balances
in a blockchain, the blockchain itself, largely, can substitute the auditor to verify the accuracy of the company’s
accounting. As the historical transactions in the blockchain could not be intervened, the issue of insecurity was
wisely removed from the firm’s financial statements. In addition to trust topic, the automatic updating of the
ledger in real-time, where each transaction is instantly incorporated into the company’s blockchain, the accounting
information of a company can make potentially timely and dynamic. In other words, because of the inherent

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Mustafa KILLI

parallels between blockchain and accounting, the blockchain technology can enhance the quality of accounting
information that reaches investors by making information more reliable and more timely (Byström, 2016).

The security, validity and clarity provided by the blockchain will facilitate the tasks of the auditor. The structure of
blockchain systems makes easier to audit whether any data is tampered. In fact, it is possible to think of a future
where the audit takes place in real-time and every relevant party is informed along the process - “a true continuous
audit” (Nichols,2018). The most important impact of the blockchain on audit components is to increase the
efficiency and effectiveness of the audit activities as seen in Table 1.

Table 1. Impact of blockchain on audit components

Audit Process Pre-blockchain Post-blockchain Impact on audit

Confirmations Random 100% and real time Increased efficiency/effectiveness
Inventory counts Manual Continuous Increased efficiency/effectiveness
Data analysis Sampling methodology Continuous and for 100% of Increased efficiency/effectiveness
information
Source: Smith, 2018.

Using a blockchain, the accounting records between the two commercial partners can be easily contrasted while
protecting data privacy. This solution can considerably decrease the dependence on auditors in controlling financial
transactions (Fanning & Centers, 2016).

The emergence of the blockchain has led to concerns about the future of the audit profession. According to some,
if all transactions are recorded and maintained in a unchangeable blockchain, there may be nothing left to audit
accountants working as auditors (Tysiac, 2018).

4. Conclusion
Nowadays, digital technologies have become one of the main agenda topic of business World. Blockchain technology
which is one of these technologies, draws attention as an important area where enterprises are rapidly investing
due to their potential usage areas in all business functions.

Blockchain technology has been rapidly gaining acceptance, especially with its applications in accounting and
auditing area. As a globally distributed digital ledger that records cannot be changed and never destroyed, block
chain can be useful as a reliable ledger for a company’s accounting records. It is discussed that among the primary
benefits of blockchain-based accounting to reduce the risk of fraud, to provide significant cost savings and to
improve accuracy in financial reportsThe most important potential impact of the block chain on the audit activities
is increased efficiency and effectiveness. The security, validity and clarity provided by the block chain will facilitate
the auditor’s tasks and ensure that the audit is performed in real time.

As a result, considering the potential impact of block chain technology on the accounting and auditing profession,
to prepare of the accountants for the future, for a good assessment of the threats and opportunities of technology
is considered important. In addition, it may be necessary to apply new policies and standards compatible with

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block chain technology by taking steps to enable to prepare the necessary regulations and infrastructure of the
professional organizations in accordance with the change.

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