Blockchain Integration in Global Accounting Systems: Enhancing Transparency and Reducing Fraud in CrossBorder Transactions

Abstract

Blockchain technology (BCT) could transform world trading by making deals safer, more 
efficient, and more transparent. Regarding foreign trade, the rules sometimes demand 
sophisticated multi-party processes depending on agencies consuming more time, money, and 
risk of fraud on both sides. BCT is the answer since shared records ensure everyone access to the 
same truth version. This lessens the possibility of mistakes, speeds up trade across borders, and 
lessens the demand of middlemen. BCT is a great way to stay safe for unambiguous, 
unchangeable records of foreign trade documentation including deals, bills of lading, and 
certificates of origin. Using BCT-based Smart Contracts (SC), businesses can digitize and 
automate these chores, so lowering documentation, stopping fraud, and ensuring they follow 
foreign laws. SC guarantees open, responsible, and quick trade finance and automated task 
completion using BCT. Combining BCT with other new financial technologies and electronic 
money would help it make daily CB purchases safer and less expensive by using better payment 
methods. This work intends to use BCT to make global trade safer and more efficient. This paper 
investigates how BCT might influence financing, management, and supply line policies. It also 
considers how global legal systems might make it possible to be used extensively. The book 
underlines how revolutionary BCT can be in lowering expenses, quickening negotiations, and 
building confidence between countries trading with one another. Moreover, it thinks that BCT is 
a useful tool for forthcoming global companies.