A proposed model for using blockchain technology in monitoring non-current assets in the Baghdad Municipality

Abstract

Non-current assets are a crucial part of financial statements, playing a pivotal role in supporting operational activities and demonstrating the financial soundness of economic entities. Their importance is amplified by the need for effective oversight focused on their maintenance and optimal utilization. Managing non-current assets is one of the biggest challenges facing economic entities today, given the increasing instances of fraud, manipulation, and errors in data related to these assets. Therefore, blockchain technology has emerged as a promising tool for monitoring and managing non-current assets. This study aims to review existing non-current asset control processes and address shortcomings through the application of blockchain technology. Research variables were measured by evaluating the internal control procedures of the research sample (Baghdad Municipality) and developing proposed internal control procedures using blockchain technology. The researchers strongly recommend the use of blockchain technology in managing non-current assets, as it significantly contributes to improving their oversight and, consequently, enhancing the quality of financial reports.