Adoption of blockchain as an open accounting information system in Vietnam: A triple-entry accounting approach

Abstract

Blockchain technology has emerged as an indispensable force driving economic development across various sectors in Vietnam. However, prior research in the realm of blockchain technology has predominantly focused on areas such as logistics, journalism, and banking, neglecting the pivotal domains of accounting and auditing. Recognizing this theoretical gap and the significant role played by accounting and auditing in economic systems, this paper endeavors to augment our understanding of blockchain technology through the lens of a novel "triple-entry accounting method." Additionally, it seeks to assess the level of acceptance of this potentially transformative innovation within the Vietnamese business landscape. Blockchain, renowned for its decentralized architecture and distributed data system, represents a fundamental departure from conventional accounting practices. It functions as an open accounting information system, wherein data is distributed among multiple computers with identical copies, devoid of central administration but validated by a network of participants. Drawing upon responses from a sample of 225 participants and employing statistical analysis with SPSS, this study investigates attitudes and intentions regarding the adoption of blockchain technology in the field of accounting in Vietnam. The results of this analysis reveal a positive correlation between four variables-perceived usefulness, perceived ease of use, comparability, and complexity-and the attitude toward blockchain application, further positively influencing the intention to use it. However, the variable of Perceived Risk does not exhibit statistical significance. These findings underscore the necessity of establishing intelligent accounting procedures through blockchain adoption and underscore the importance of understanding factors influencing attitudes and intentions to enhance the widespread acceptance of this innovation in the Vietnamese business context.