Exploring the Impact of Smart Contracts on the Accounting and Auditing Professions

Since the dawn of time, mankind has been in search of different ways for exchanging goods and services. Such exchanges have been built upon contracts or agreements between two or more parties whose will has given way to the creation of a legal phenomenon. Since the last few decades, man’s ever-growing needs have given rise to a need for different kinds of limitless exchange. Such exchanges encompass a whole range of goods, services, technology, science, etc. The need for more exchange has caused people to look for platforms through which one could partake in such activities all around the World in the most time-efficient and cost-efficient manner. This has caused unprecedented attention being given to state-of-the-art technologies such as the Block Chain, Internet of Things, Artificial Intelligence, Smart Contracts and Automatic Automation. Such technologies are aimed at facilitating different aspects of exchange between the parties and putting data and information in order. Therefore, a large number of companies and organizations have examined, invested in, and made use of said technologies from the early days of their existence. In this study, we go through an overview of such things as the Internet of Things, Artificial Intelligence and Robotic Automation Process, and after defining Block Chain as the foundational technology for Smart Contracts, we examine the opinion of expert on how it could affect the fields of accounting and auditing. Afterwards, we examine Smart Contracts and discuss their significance for accounting and auditing services.