JRFM, Vol. 19, Pages 80: Harnessing Blockchain for Transparent and Sustainable Accounting in Creative MSMEs amid Digital Disruption: Evidence from Indonesia

Journal of Risk and Financial Management doi: 10.3390/jrfm19010080

Authors:
I Made Dwi Hita Darmawan
Ni Putu Noviyanti Kusuma
Nir Kshetri
Ketut Tri Budi Artani
Wina Pertiwi Putri Wardani

Blockchain is widely promoted as a tool for enhancing transparency, trust, and sustainability in business, yet little is known about how creative micro, small, and medium enterprises (MSMEs) in emerging economies can meaningfully adopt it for finance and accounting purposes in times of global uncertainty. This study explores how blockchain can be harnessed for transparent and sustainable accounting in Indonesian creative MSMEs amid rapid digital disruption. Using an exploratory qualitative design, we conducted semi-structured, in-depth interviews with 18 owners and key decision-makers across diverse creative subsectors and analysed the data thematically through an integrated Technology Acceptance Model (TAM) and Diffusion of Innovation (DOI) lens. The findings show that participants recognise blockchain’s potential benefits for transaction transparency, verifiable records, intellectual property protection, and secure payments, but adoption is constrained by technical complexity, financial constraints, limited digital and accounting capabilities, and perceived regulatory and reputational risks. Government initiatives are seen as important for legitimacy yet insufficient without concrete guidance, capacity-building, and financial support. The study extends TAM–DOI applications to blockchain-enabled accounting in creative MSMEs and highlights the need for sequenced, ecosystem-based interventions to translate blockchain’s technical promise into accessible, ESG- and SDG-oriented accounting solutions in the creative economy.

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