RESEARCH ON THE DEVELOPMENT OF ENVIRONMENTAL ACCOUNTING AND ENTERPRISE INTERNAL MANAGEMENT MECHANISMS UNDER THE CONCEPT OF SUSTAINABLE DEVELOPMENT USING BLOCKCHAIN

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Chen Anqi, Ong Tze San, Ao Xiangyuan

Abstract

The rapid increase in the number of industrial enterprises in recent years is associated with the number of environmental problems that threaten nature and humans around the world. Hence, information related to environmental effects and their subsequent cost must be documented by enterprises for planning and controlling corporate activities and related environmental issues. Companies' environmental effects and costs were never discretely classified or measured in standard accounting information systems. Because of their social responsibilities to society, businesses are compelled to account for environmental costs alongside production costs as part of their accounting practices. Environmental accounting (EA) helps industrial enterprises achieve environmental efficiency and economic efficiency. Regular accounting modules that are usually organized in a centralized architecture required trusted third parties for information management and are associated with security and privacy issues. Recently, blockchain technology is changing the concept of traditional enterprise accounting and management. The main aim of this work is to develop an environmental accounting information management system using blockchain technology for the sustainable development of enterprises. But the traditional consensus algorithms in blockchain are computationally inefficient. Hence, in this paper, we proposed a novel consensus algorithm named proof of accounting trust to select the trusted miner and validate the block for trusted storage of environmental accounting data. The proposed method is proved to be an efficient and secured environmental accounting and management system for assisting stakeholders of enterprise in decision-making.

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