Application of innovative technologies to protect financial information in accounting: challenges of the digital economy era

Abstract

This research will be conducted between the years 2019 and 2023, and it will investigate how new financial concepts may affect account management at Ukrainian banks. The BAI-Finance Global Banking Innovation Awards provide the data that is used in this analysis, which examines how the most successful financial institutions in the world make use of new technology to safeguard the money of their consumers. This research makes use of a wide range of analytical tools in order to investigate the potential for blockchain and encryption, together with other digital technologies, to potentially alter the manner in which banks and other financial institutions manage the funds of their customers. The findings highlight the significance of utilizing cutting-edge digital accounting techniques in order to safeguard valuable financial information in the current digital era. The findings of this study demonstrate how these technologies have the potential to resolve accounting issues such as data breaches and make all financial transactions transparent.