Can AI and Blockchain Make Financial Reporting Better? A Three-Month Test at an Online Store
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I wanted to know if using AI to spot weird transactions plus a private blockchain could make financial reporting faster, more accurate, better at catching fraud, and cheaper than doing it all by hand. I ran a test at a mid-sized online store for three months. One system was the old manual way. The other used AI and blockchain together. I looked at about 11,000 transactions. The new system won on every measure. Closing the books went from 7 days to 3 days. Mistakes dropped from 5.0% to 1.4%. Audit hours fell from 150 to 80. Fraud detection went from 60% to 89%. And monthly costs dropped from $22,000 to $14,000. The study has limits: it is just one company, it does not include setup costs, and it does not use advanced statistics. More research is needed in other industries and on how regulators should handle these new tools.
Keywords
Accounting Automation, Artificial Intelligence, Blockchain, Continuous Auditing, Corporate Governance, Financial Reporting, Fraud Detection, Internal Controls