The Development of Accounting Verification Process Affecting Digital Currency Transactions Using Blockchain Technology For Small and Medium Business in Thailand

Abstract

This research aims to develop the model of accounting verification process affecting digital currency transactions for small and medium business in Thailand, using blockchain technology as a case. The
decentralized ledger underlying blockchain has created its potential for building trust and transparency
in financial transactions, as well as, Thai SMEs’ cooperative structures and ecosystems. Our model is
based on the concept of consensus protocol and cryptocurrencies is the keys that affect digital currency
transactions. We implement MyEtherWallet, which is a distributed ledger platform, leveraging private
asymmetric key by SHA256 and various functions allowing data flow between multiple parties can be
tracked and managed in real time. The findings revealed that the consensus protocol with Proof of work
in the model can provide effectiveresults. It canrecord, verify, and traceall ofthe transactions correctly, as
well as establish trust relationships to support sustainable cooperation for Thai SMEsastheaccounting
best practices.