Cool, But What About Oracles? An Oracle-Based Perspective on Blockchain Integration in the Accounting Field
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arXiv
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| Format: | Preprint |
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2024
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| _version_ | 1866911141911855104 |
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| author | Caldarelli, Giulio |
| author_facet | Caldarelli, Giulio |
| contents | The Bitcoin Network is a sophisticated accounting system that allows its underlying cryptocurrency to be trusted even in the absence of a reliable financial authority. Given its undeniable success, the technology, generally referred to as blockchain, has also been proposed as a means to improve legacy accounting systems. Accounting for real-world data, however, requires the intervention of a third party known as an Oracle, which, having not the same characteristics as a blockchain, could potentially reduce the expected integration benefit. Through a systematic review of the literature, this study aims to investigate whether the papers concerning blockchain integration in accounting consider and address the limitations posed by oracles. A broad overview of the limitations that emerged in the literature is provided and distinguished according to the specific accounting integration. Results support the view that although research on the subject counts numerous articles, actual studies considering oracle limitations are lacking. Interestingly, despite the scarce production of papers addressing oracles in various accounting sectors, reporting for ESG already shows interesting workarounds for oracle limitations, with permissioned chains envisioned as a valid support for the safe storage of sustainability data. |
| format | Preprint |
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arxiv_https___arxiv_org_abs_2412_20447 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Cool, But What About Oracles? An Oracle-Based Perspective on Blockchain Integration in the Accounting Field Caldarelli, Giulio Cryptography and Security Computers and Society Emerging Technologies General Economics Economics B.4; H.4; J.4 The Bitcoin Network is a sophisticated accounting system that allows its underlying cryptocurrency to be trusted even in the absence of a reliable financial authority. Given its undeniable success, the technology, generally referred to as blockchain, has also been proposed as a means to improve legacy accounting systems. Accounting for real-world data, however, requires the intervention of a third party known as an Oracle, which, having not the same characteristics as a blockchain, could potentially reduce the expected integration benefit. Through a systematic review of the literature, this study aims to investigate whether the papers concerning blockchain integration in accounting consider and address the limitations posed by oracles. A broad overview of the limitations that emerged in the literature is provided and distinguished according to the specific accounting integration. Results support the view that although research on the subject counts numerous articles, actual studies considering oracle limitations are lacking. Interestingly, despite the scarce production of papers addressing oracles in various accounting sectors, reporting for ESG already shows interesting workarounds for oracle limitations, with permissioned chains envisioned as a valid support for the safe storage of sustainability data. |
| title | Cool, But What About Oracles? An Oracle-Based Perspective on Blockchain Integration in the Accounting Field |
| topic | Cryptography and Security Computers and Society Emerging Technologies General Economics Economics B.4; H.4; J.4 |
| url | https://arxiv.org/abs/2412.20447 |