Blockchain technology is an innovative way to replace the need for a third party to manage transactions. It uses a decentralised ledger to ensure the accuracy and integrity of accounting data in an immutable and transparent manner. However, certain challenges should be addressed to realise its full potential. This study aims to identify potential challenges when implementing blockchain technology in the accounting and auditing service industry. The critical challenges of implementing blockchain technology in the accounting and auditing service industry include governance, security, scalability, implementation, and trust. To overcome these challenges, investing in larger storage systems, bandwidth, computing power, and personnel training to manage associated risks is essential. It is crucial to address these challenges to implement blockchain technology successfully. Further research is required to validate these findings across other industries and explore the immense potential of blockchain technology as a game-changer.
