Communications of the IIMA


Blockchain has the potential to revolutionize accounting transactions in the same way the Internet revolutionized the collection and dissemination of information. Nonetheless, like the Internet, blockchain technology is a double-edged sword offering tremendous benefits but also drawbacks. The literature points to inadequacies in blockchain implementations, particularly when evaluating and selecting controls to help ensure an effective blockchain implementation in organizations. This research develops an approach that not only addresses the inadequacies identified in the literature, but also prompts organizations to a more precise evaluation and selection of controls to achieve effective blockchain implementation. The approach uses Desirability Functions to quantify the desirability of each control after considering its benefits and drawbacks, providing organizations with an objective metric when assessing and selecting controls. Through a case assessment exercise, the approach proved successful in providing accurate evaluation, ranking, and potential selection of controls for organizations to consider when implementing blockchain accounting technology.