IMPLEMENTATION OF BLOCKCHAIN TECHNOLOGY IN FINANCIAL MANAGEMENT: POTENTIAL AND CHALLENGES FOR COMPANIESIMPLEMENTATION OF BLOCKCHAIN TECHNOLOGY IN FINANCIAL MANAGEMENT: POTENTIAL AND CHALLENGES FOR COMPANIES

Abstract

Blockchain, as the underlying technology of cryptocurrencies such as Bitcoin, has attracted widespread attention due to its ability to provide a decentralized, transparent and secure system. This study conducts a thorough analysis of how blockchain can be applied in various aspects of financial management. Therefore, this research aims to investigate the potential and challenges associated with implementing blockchain technology in corporate financial management. This research uses a qualitative approach with descriptive methods. This research highlights the potential of blockchain technology in improving transparency, security and operational efficiency in corporate financial management. By leveraging smart contracts, blockchain is able to automatically execute contracts without intermediaries, reducing transaction costs and increasing trust in financial processes. However, the application of blockchain in financial management is also faced with challenges of integration with legacy systems and compliance with privacy and data security regulations. However, by viewing the initial costs as a long-term investment, companies can reap significant benefits in operational efficiency, transparency, and data security.