Prospects for Utilizing Blockchain in Developing Accounting and Auditing in Libya: A Proposed Conceptual Framework

Abstract

This study aimed to explore the prospects of employing Blockchain Technology in developing accounting and auditing practices in Libya and to propose a conceptual framework that aligns with digital transformation requirements and enhances the efficiency of financial and regulatory systems. The study adopted a descriptive-analytical approach with a foresight perspective through reviewing and analyzing relevant literature, previous studies, and international experiences. The findings revealed that blockchain technology possesses distinctive characteristics, including decentralization, transparency, and immutability, which contribute to improving the quality, reliability, and verifiability of accounting information. The study also found that blockchain supports the implementation of the triple-entry accounting model and promotes continuous and digital auditing, thereby enhancing financial control and reducing opportunities for errors and fraud. Furthermore, the results indicated that the Libyan environment has promising opportunities to benefit from blockchain technology in strengthening governance, transparency, and institutional performance. However, successful implementation requires addressing challenges related to digital infrastructure, legislation, and the availability of specialized human resources. The study concluded by proposing an integrated conceptual framework that links technical, accounting, auditing, and regulatory dimensions to support the digital transformation of the accounting profession in Libya.