Blockchain-Enabled Economic Transactions: Recurring Financial Accruals and Payments

【Author】 Mihai, Razvan; Ozkul, Omer Faruk; Datta, Gora; Goga, Nicolae; Grybniak, Sergii; Marian, Constantin Viorel

【Source】2022 IEEE 1ST GLOBAL EMERGING TECHNOLOGY BLOCKCHAIN FORUM: BLOCKCHAIN & BEYOND, IGETBLOCKCHAIN

【影响因子】

【Abstract】Economic transactions are based upon implicit or explicit contracts that set out the rights and obligations of the parties to the transactions. Blockchain technology can address fundamental financial, economic, and accounting challenges. We propose a blockchain-based prototype capable of capturing the essence of recurring economic transactions. For this purpose, we have devised an asset rental contract to show how economic transactions are recorded and tracked more effectively, efficiently, and in quasi-real-time, thus changing the traditional way of account keeping and auditing. We use the Ethereum blockchain as the most evolved and widely used smart contract platform. We showcase a significant discovery related to current blockchain technology limitations to making automatic non-custodial recurring payments. We show how the prototype can be extended to a range of recurring transactions.

【Keywords】Economic Transactions; Accruals; Real-Time Accounting and Auditing; Recurring (Non-Custodial) Payments; Smart Contracts; Decentralized Finance; Blockchain

【发表时间】2022

【收录时间】2023-06-25

【文献类型】理论模型

【主题类别】

区块链应用-实体经济-财会领域