Paper Details

This study aims to provide general insights into blockchain smart contracts for secure SMEs accounting and financial transparency in the Sultanate of Oman. The backbone of Oman economy is Small and Medium Enterprises (SMEs) which plays a vital role in economic development and diversification, yet it struggles with inefficient financial systems, lack of transparency and limited access to the trusted financial records. Therefore, the main focus of this research is to address the development of blockchain enabled smart contracts system tailored to improve SMEs financial accuracy, security and transparency in Oman. This research uses mixed-methods analysis which unites quantitative and qualitative approaches to study blockchain smart contracts for secure accounting and financial transparency in Omani Small and Medium Enterprises (SMEs). The methodology uses both primary and secondary data collection methods to study the research problem and objectives and questions which leads to a thorough evaluation of blockchain adoption benefits and challenges and implementation strategies for Omani SMEs. It enables automated accounting processes, enforce conceptual obligations and provide tamper proof financial records through using smart contracts. Adopting decentralized blockchain can lead to reduce financial fraud, human error and compliance risks as well as enabling better access to finance via verified and auditable data. The research explores the way of supporting sustainable economic growth through focusing on policy needs, challenges of implementation and practical solution with long-term outcomes of commercializing the blockchain smart contracts system. The system is automated, secure and streamlined accounting and financial operations for Omani SMEs which records transactions on multiple ledgers, automated recurring financial agreements such loan repayments, payroll, supplier & contracts and allow real time financial reporting that is tamper resistant and verifiable by auditors and financial managers.

SMEs, Blockchain, Financial Transparency, Smart Contracts, GDP, Oman Vision 2040, EBP