The Possibility of Using Web3 Technologies to Improve The Accounting Transparency of Government Budgets – An Analytical ‎Study of The Opinions of A Sample of Academics and Professionals in Erbil

  • Authors

    • Salim Yousif Mustafa Department of Accounting College of Administration and Economics University of Salahaddin Erbil
    • Tavga Nasradin Rahman Department of Accounting College of Administration and Economics University of Salahaddin Erbil
    • Zana Abdulrahman Hakeem Department of Accounting College of Administration and Economics University of Salahaddin Erbil
    https://doi.org/10.14419/jv6bc214

    Received date: September 22, 2025

    Accepted date: November 3, 2025

    Published date: November 14, 2025

  • Web3 Technologies; Blockchain; Smart Contracts; Governmental Budgets; Financial Transparency; Public Sector Accounting; Real-Time ‎Reporting‏ .

  • Abstract

    The manuscript should contain an abstract. The abstract should be self-contained and citation-free and should not exceed 300 ‎words. The abstract should state the purpose, approach, results, and conclusions of the paper. The author should assume that the reader has ‎some knowledge of the subject but has not read the paper. Thus, the abstract should be intelligible and complete in itself (no numerical ‎references); it should not cite figures, tables, or sections of the paper. The abstract should be written using the third person instead of first per-‎son.‎

    This study examines the potential of Web3 technologies to enhance accounting transparency in government budgets through a survey of ‎academics and professionals in Erbil, Kurdistan Region of Iraq. A structured questionnaire with 25 statements across five dimensions was ‎administered to 55 respondents (74.55% academics in accounting/finance, 20% professionals from the Board of Supreme Audit) using a ‎five-point Likert scale, with data analyzed via SPSS V.27.‎

    ‏The empirical results extensively validate Web3's application in enhancing governmental financial transparency. Although the theoretical ‎framework emphasized blockchain immutability as the foundation, statistical evidence revealed stronger endorsement for smart contracts ‎‎(mean = 4.167) and real-time access (mean = 4.06) compared to blockchain immutability (mean = 4.047). All hypotheses were validated at a p ‎‎< 0.000 significance level. Decentralized recordkeeping (mean = 4.12) and interoperability (mean = 4.116) also received strong support, ‎highlighting the need for internal control and cross-government reconciliation.‎

    ‏The stronger support for smart contracts and real-time access reflects stakeholders' prioritization of practical, user-facing applications over ‎underlying infrastructure. These tools offer immediate automation of budget controls, measurable cost savings, and direct citizen engage-‎ment—addressing urgent transparency challenges in the Kurdistan Region context more directly than blockchain's foundational security ‎features.‎

    ‏From an accounting perspective, Web3 supports fundamental financial reporting principles: blockchain immutability aligns with reliability ‎of accounting records; smart contracts function as programmed spending controls enhancing compliance and restricting unauthorized ex-‎penditures; real-time access corresponds to timeliness and disclosure principles, enabling continuous monitoring by citizens and oversight ‎agencies; while decentralization and interoperability strengthen internal control and promote consistency across governmental financial sys-‎tems.‎

    ‏While blockchain provides essential recordkeeping infrastructure for transparent records, stakeholder priorities emphasize automation, ‎accessibility, and integration. These findings suggest governmental accounting reforms should prioritize smart contracts and real-time reporting systems as primary drivers of financial transparency, with blockchain serving as the supporting foundation. The study recommends ‎incremental adoption, development of real-time dashboards, integration with existing infrastructure, and establishment of supportive institutional frameworks.

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  • How to Cite

    Mustafa , S. Y. ., Rahman, T. N. ., & Hakeem, Z. A. . (2025). The Possibility of Using Web3 Technologies to Improve The Accounting Transparency of Government Budgets – An Analytical ‎Study of The Opinions of A Sample of Academics and Professionals in Erbil. International Journal of Accounting and Economics Studies, 12(7), 422-439. https://doi.org/10.14419/jv6bc214