Opportunities and Challenges of Blockchain Technology Adoption in Accounting: A Qualitative Study Based on the Perspectives of Accounting Experts and Academics in the Republic of Iraq

Abstract

Blockchain technology, as one of the most innovative digital technologies, has recently attracted considerable attention in the fields of finance, accounting, and auditing. By providing a decentralized, transparent, and secure infrastructure for recording information, this technology holds significant potential to transform accounting processes and financial reporting practices. However, its adoption and implementation in developing countries, particularly within professional and academic environments, are accompanied by a range of opportunities and challenges. Accordingly, the present study aimed to identify the opportunities and challenges of blockchain technology adoption in accounting from the perspectives of accounting experts and academics in the Republic of Iraq.

This research was applied in terms of purpose and exploratory qualitative in nature. The study population included university professors, professional accountants, financial managers, and specialists in financial information technology in the Republic of Iraq, who were selected through purposive and snowball sampling techniques. Data were collected through in-depth semi-structured interviews, and sampling continued until theoretical saturation was reached. The obtained data were analyzed using thematic analysis and MAXQDA software.

The findings revealed that the most important opportunities of blockchain adoption in accounting include enhanced financial transparency, improved information security, fraud reduction, facilitation of auditing processes, increased speed of information exchange, and improved reliability of financial reporting. Furthermore, the main challenges identified were weak technological infrastructure, lack of clear laws and regulations, insufficient specialized knowledge, high implementation costs, organizational resistance, and limited readiness of the accounting profession to adopt emerging technologies.

The results indicate that the development of blockchain technology in accounting in Iraq requires strengthening technical infrastructure, training skilled human resources, reforming educational policies, and establishing appropriate legal frameworks aligned with emerging technologies.