Leveraging blockchain for transparent accounting and auditing in Developing Economies

The increasing demand for transparent and efficient financial reporting in emerging economies has positioned blockchain technology as a promising solution. This study investigates the impact of blockchain enabled accounting on audit efficiency and financial transparency within Uzbekistan. Employing a mixed methods design, we analyzed audit data during 2023-2024 from 30 firms that adopted blockchain platforms and conducted semi-structured interviews with 15 auditors, managers, and regulators. Quantitative analysis reveals a 33% reduction in audit duration and a 30% decrease in audit costs, alongside a 53% decline in post audit adjustments for companies which adopted blockchain platforms for 1 year. Qualitative findings corroborate these gains, showing heightened auditor satisfaction and a 21% improvement in regulatory compliance. Additionally, error detection rates fell by 60%, and stakeholder perceptions of transparency increased by 31%. These results demonstrate that blockchain integration not only streamlines audit processes but also strengthens governance and trust in financial reporting. The paper concludes with policy recommendations to facilitate broader adoption and outlines directions for future research on scalability and smart contract-based compliance in similar contexts.

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