The Development of Accounting Verification Process Affecting Digital Currency Transactions Using Blockchain Technology For Small and Medium Business in Thailand
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Sripatum University Bangkok
Online publication date: 2018-04-24
Publication date: 2018-04-24
Eurasian J Anal Chem 2018;13(3):emEJAC03137
This research aims to develop the model of accounting verification process affecting digital currency transactions for small and medium business in Thailand, using blockchain technology as a case. The decentralized ledger underlying blockchain has created its potential for building trust and transparency in financial transactions, as well as, Thai SMEs’ cooperative structures and ecosystems. Our model is based on the concept of consensus protocol and cryptocurrencies is the keys that affect digital currency transactions. We implement MyEtherWallet, which is a distributed ledger platform, leveraging private asymmetric key by SHA256 and various functions allowing data flow between multiple parties can be tracked and managed in real time. The findings revealed that the consensus protocol with Proof of work in the model can provide effectiveresults. It canrecord, verify, and traceall ofthe transactions correctly, as well as establish trust relationships to support sustainable cooperation for Thai SMEsastheaccounting best practices.