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<p>Blockchain is one of the key technologies for the digital transformation of corporate finance because it satisfies the requirements of enterprise financial sharing with its features of contract execution, openness and transparency, decentralized distributed ledger, traceability, and non-tampering. In order to support business digital transformation under the financial sharing model, blockchain technology is used in this study, along with an analysis of the internal and external factors influencing enterprise financial digital transformation. In order to guarantee data security and enhance the processing efficiency of the financial sharing center, the Byzantine fault-tolerant RAFT algorithm is adopted as the private chain’s consensus algorithm, and PBFT is adopted as the federated chain’s consensus algorithm. These decisions are based on the compatible architecture of blockchain technology and the characteristics of financial sharing. The financial sharing center’s effects are assessed in relation to Enterprise A’s blockchain-based financial activity application system. According to Enterprise A’s cash flow statistics, paid employee compensation fell in 2018 from 2.943 billion to 2.864 billion. The audit and accounting industry may streamline procedures, expedite processing, lower labor and time expenses, and achieve favorable outcomes by utilizing the financial shared service model under the blockchain paradigm.</p>
</abstract>

Blockchain is one of the key technologies for the digital transformation of corporate finance because it satisfies the requirements of enterprise financial sharing with its features of contract execution, openness and transparency, decentralized distributed ledger, traceability, and non-tampering. In order to support business digital transformation under the financial sharing model, blockchain technology is used in this study, along with an analysis of the internal and external factors influencing enterprise financial digital transformation. In order to guarantee data security and enhance the processing efficiency of the financial sharing center, the Byzantine fault-tolerant RAFT algorithm is adopted as the private chain’s consensus algorithm, and PBFT is adopted as the federated chain’s consensus algorithm. These decisions are based on the compatible architecture of blockchain technology and the characteristics of financial sharing. The financial sharing center’s effects are assessed in relation to Enterprise A’s blockchain-based financial activity application system. According to Enterprise A’s cash flow statistics, paid employee compensation fell in 2018 from 2.943 billion to 2.864 billion. The audit and accounting industry may streamline procedures, expedite processing, lower labor and time expenses, and achieve favorable outcomes by utilizing the financial shared service model under the blockchain paradigm.

Exploring the Digital Transformation of Enterprise Finance Based on the Finance Sharing Model

School of Accounting, Guangzhou Huashang College, Guangzhou

Guangxi Natural Resources Vocational and Technical College, Nanning

Zhejiang Gongshang University Hangzhou College of Commerce, Hangzhou

Capital University of Economics and Business

Applied Mathematics and Nonlinear Sciences

This work is licensed under the Creative Commons Attribution 4.0 International License.

Blockchain is one of the key technologies for the digital transformation of corporate finance because it satisfies the requirements of enterprise financial...

Exploring the Digital Transformation of Enterprise Finance Based on the Finance Sharing Model

Data publikacji: 05 sie 2024

Zakres stron: -

Otrzymano: 24 mar 2024

Przyjęty: 21 cze 2024

DOI: https://doi.org/10.2478/amns-2024-2048

Słowa kluczowe
Blockchain technology, Consensus algorithm, Financial shared model, Financial digital transformation

© 2024 Shuyang Chen et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Exploring the Digital Transformation of Enterprise Finance Based on the Finance Sharing Model

Data publikacji: 05 sie 2024

Zakres stron: -

Otrzymano: 24 mar 2024

Przyjęty: 21 cze 2024

DOI: https://doi.org/10.2478/amns-2024-2048

Słowa kluczoweBlockchain technology, Consensus algorithm, Financial shared model, Financial digital transformation

© 2024 Shuyang Chen et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Słowa kluczowe
Blockchain technology, Consensus algorithm, Financial shared model, Financial digital transformation