"Accelerating the adoption of blockchain technology in accounting information systems at commercial banks in Sirte?" (An analytical study of a group of commercial banks in Sirte)

Abstract

This research aims to assess the extent to which accounting information systems (AIS) in commercial banks in Sirte, Libya are keeping pace with blockchain technology. Blockchain is a revolutionary technology that enables secure, transparent, and immutable recording and storage of transactions. The study adopted a descriptive analytical approach, collecting data through a questionnaire distributed to employees at various functional levels in eight commercial banks in Sirte. The study population comprised 209 employees, and a sample size of 133 employees was determined using stratified random sampling. The findings revealed no statistically significant relationship between the level of blockchain adoption and the extent of AIS compatibility. Moreover, the study highlighted a lack of knowledge about blockchain technology and its applications, weak support for technical infrastructure, and a scarcity of specialized training programs. It also uncovered significant challenges facing blockchain implementation in these banks, such as regulatory compliance issues, implementation costs, and a shortage of expertise and skills. The study recommends developing a national strategy for blockchain adoption in the Libyan banking sector, investing in technical infrastructure development and capacity building, designing and implementing specialized training programs, and raising awareness about the benefits and potential of blockchain.