Indonesia Auditing Research Journal
Vol. 12 No. 4 (2023): December: Auditing, Finance, IT Plan, IT Governance, Risk

Transforming Education Fund Management: Leveraging Blockchain for Transparency, Fraud Reduction, and Efficiency

Marenta Claudia (Fakultas Ekonomi, Universitas Muara Bungo)



Article Info

Publish Date
30 Dec 2023

Abstract

This research explores the potential of blockchain technology in revolutionizing education fund management by enhancing transparency, reducing fraud, and improving the efficiency of fund allocation processes. Through a mixed-methods approach, including qualitative interviews, focus group discussions, surveys, and document analysis, insights were gathered from diverse stakeholders in the education finance ecosystem. The findings highlight the transformative impact of blockchain in increasing transparency through its decentralized and immutable ledger, enabling real-time tracking of fund flows and enhancing trust among stakeholders. Moreover, blockchain's cryptographic security features and smart contracts automate fund disbursement, reducing the risk of fraud and ensuring accountability in fund allocation processes. Furthermore, blockchain improves the efficiency of fund allocation by streamlining administrative processes, reducing bureaucratic overhead, and enabling direct peer-to-peer transactions. However, challenges such as technical complexities, regulatory uncertainties, and socio-economic factors must be addressed to realize the full potential of blockchain in education fund management.

Copyrights © 2023






Journal Info

Abbrev

ARJ

Publisher

Subject

Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Languange, Linguistic, Communication & Media

Description

Indonesia Auditing Research Journal is a high-quality specialist journal that publishes articles from the broad spectrum of auditing. Its primary aim is to communicate clearly, to an international readership, the results of original auditing research conducted in research institutions and/or in ...