Abstract
A
well-developed system of internal control, with policies and procedures that
ensure the authenticity and integrity of assets, is crucial for the prevention
of fraud. Fixed assets, which often
constitute a large percentage of a company’s assets, can be very vulnerable to
fraudulent authorization, recording, and theft.
A well-designed fixed asset management system should have internal
controls in place that increase the reliability of fixed asset accounting and
protect against fraudulent financial reporting and theft.
Blockchain
technology, with its built-in system of transparency, validation and
immutability, can be utilized as an effective tool in improving internal
control systems within a fixed asset context.
This article explains the fundamental principles of blockchain and
describes how blockchain can be used to protect fixed assets against erroneous
or fraudulent acquisition, recording, and disposal. The article also points out some of the
challenges and limitations of implementing a blockchain system.
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IJBMS by IPRPD is licensed under a Creative Commons Attribution 4.0 International License.