Abstract Blockchain technology has attracted considerable attention from both academicians and industry players in different industries, such as accounting and finance, because of its transformative potential of re-engineering the process of operation and enhancing the level of required transparency in these industries. However, despite the various possibilities of transforming the accounting and finance sectors, there are still numerous challenges that hinder the further development of blockchain technology in the domain. The various obstacles to the adoption of blockchain in accounting and finance are interconnected and include a diverse set of issues related to technology, organization, regulations, and knowledge. To overcome these obstacles, it is necessary to take a comprehensive approach that includes improving technical proficiency, encouraging cooperation among stakeholders, negotiating intricate regulations, and cultivating a culture of innovation and adaptation within enterprises. KEYWORDS Blockchain, Blockchain Technology, Accounting, Finance, ISM, Interpretative Structural Modelling, Blockchain Adoption Barriers Journal of Global Information Management Volume 32 • Issue 1 • January-December 2024 New technological tools can be incorporated in organizations; the systematization of their operations has modified the organizing frameworks and promoted innovation (Calderon-Monge et al., 2024; Broccardo et al., 2023; Bresciani et al., 2021). This kind of shift has been brought about due to factors such as the increased availability of powerful computers and large, extensive databases (Z. Wang et al., 2022). Thus, the enterprises of the internet and the platform type became the leaders in the rating of the most valuable enterprises at global levels (Bolek et al., 2023). A lot of attention is paid to such digital technologies as blockchain, artificial intelligence or AI, big data, and the internet of things or IoT, which are studied in academia, shared on social media, utilized in industries, and implemented in governments (Hemamalini et al., 2024, Behl et al., 2023, Pal et al., 2021). These innovations have far-reaching effects on both organizations and individuals (Behl et al., 2023; Nigam et al., 2023; Shet & Preria, 2021). One of the most popular innovations, blockchain technology is particularly noteworthy for serving as the foundation for the “internet of value,” which has the potential to fundamentally alter business and societal structures (Tapscott & Euchner, 2019). Blockchain, which is regarded as one of the cornerstones of the information technology revolution (Friedman & Ormiston, 2022; Thakkar, 2019), is expected to serve as the foundation for the internet of the future (Ali et al., 2019; Shermin, 2017). Blockchain is an important component of Industry 4.0 that allows it to function properly. The term “blockchain” was coined by Haber and Stornetta (1991) to refer to the process of recording time-stamped records. Later, blockchain was developed by an anonymous peer as a peer-to-peer digital cash system that entails elements of cryptographic proof rather than trust, eliminating the requirement for a trusted third party (Nakamoto, 2008). The utilization of digitized tokens on various distributed ledgers allows for peer-to-peer value exchange (Q. Wang et al., 2023; Evens et al., 2023; Mehdinejad et al., 2022), resulting in widespread acceptance across a variety of industries and sectors, including trade and government regulations (Pal et al., 2021; Bhaskar et al., 2021; Shi et al., 2023). Blockchain technology progresses through four distinct stages: Blockchain 1.0, 2.0, 3.0, and 4.0. Blockchain 1.0 evolved into virtual payment systems like Bitcoin, whereas Blockchain 2.0 broadened its uses to include smart contracts and other financial tools. Blockchain 3.0 expanded its scope beyond finance to include a variety of industries (Gupta et al., 2023; Tanwar, 2022: Mukherjee & Pradhan, 2021). Blockchain’s real-world applications are becoming more common in Industry 4.0 (Buthelezi et al., 2021). Blockchain, which is a digital database that is decentralized within a peer-to-peer network, records all transactions. Unlike centralized systems, transactions are vetted by anonymous participants and disseminated publicly via dispersed networks (Tanwar et al., 2024; Alam, 2020). Each transaction is linked chronologically and preserved permanently on the blockchain. This record of transactions leads to a formation of a chain of blocks known as the blockchain, which is devoid of central authority, making it tamper-proof and impervious to manipulation (Yesilyurt et al., 2023; Yaga et al., 2019). Figure 1 depicts how information is safely kept within a decentralized and distributed network using digital signatures. Blockchain is a distributed ledger system that uses hashing to encrypt transaction and relationship data, allowing all members in the network to have access (Du et al., 2023; Tiwari & Pal, 2023; Zhao Figure 1. Chain of blocks 3 Journal of Global Information Management Volume 32 • Issue 1 • January-December 2024 et al., 2016). The fraud-resistant characteristics of the system are reinforced by strong cryptographic encryption and ongoing monitoring of transactions, which discourages any attempts at manipulation (Ibrahimy et al., 2023: Chang et al., 2020). The technology has wider applications in major areas of business trade and society including, science, medical, supply chain, humanities, education, banking and finance, investments, and accounting and auditing (Bhaskar et al., 2021; Pal et al., 2021; Bartling, 2019). In accounting, dependability and security are of utmost importance due to the critical need for trustworthy information (Garanina et al., 2022). Blockchain provides notable advantages, especially in simplifying the reconciliation procedures between trading participants, which have historically been complex and time consuming (Gomma & Gomma, 2023). Improved financial reporting efficiency yields advantages for stakeholders such as investors, auditors, and financial markets. The professional community is currently considering and discussing the amalgamation of blockchain technology into various finance processes and traditional information systems (Fullana & Ruiz, 2021; Sun et al., 2023). Nevertheless, there are continuing concerns about the implementation of blockchain technology, namely, regarding its applicability to accounting, auditing, and financial reporting (Zhang et al., 2021). Furthermore, instances of cryptocurrency fraud have negatively affected the way people see blockchain technology (Grobys, 2021). Numerous cost-related obstacles accompany the implementation of blockchain technology in finance and accounting (Jameel & Rafiq, 2022; Bhaskar et al., 2021)). First, computational fees are levied on all transactions that take place on the blockchain network, contributing to the overall operating costs. Additionally, the use of blockchain technology in many
