Blockchain technology has emerged as a transformative innovation with the potential to reshape traditional accounting and auditing systems. As a decentralized, transparent, and immutable ledger, blockchain enhances the accuracy, reliability, and traceability of financial information. This study provides a comprehensive examination of the opportunities and challenges associated with implementing blockchain within corporate accounting and auditing environments. Drawing on existing literature, the paper explores how blockchain introduces a “third-entry” accounting model that strengthens data integrity and supports real-time transaction recording. The technology facilitates continuous auditing, automated verification through smart contracts, and instantaneous financial reporting, thereby improving efficiency and reducing the likelihood of fraud, manipulation, and human error. Despite these benefits, blockchain adoption faces several obstacles, including regulatory uncertainty, interoperability issues, scalability constraints, high implementation costs, and skill shortages among accounting professionals. Privacy concerns and the difficulty of modifying immutable records further complicate integration into existing accounting frameworks. The study also highlights emerging practices in blockchain-based auditing, such as automated confirmations, continuous assurance, and enhanced data analytics capabilities. By analyzing the current state of blockchain applications, this research underscores the need for regulatory harmonization, standardized frameworks, and capacity building to support effective adoption. The findings contribute to the growing discourse on digital transformation in accounting and call for future research to explore interdisciplinary applications, ethical considerations, and the long-term impact of blockchain on financial reporting ecosystems.