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.