Emergence of Triple Entry Accounting in the Backdrop of Blockchain Technology: A Conceptual Study
Sudipta Majumdar · The Management Accountant Journal · 2021
In blockchain ecosystem, all the transactions are recorded and aggregated in the financial statements and get automatically confirmed as accurate. The third ledger serves as a linkage between the double entry ledgers and all records are made available to all participants. This has minimised the possibility of fraudulent attempts leading to errors or manipulations. This article attempts to explore how emergence of blockchain leads to the development of triple entry accounting, how it works and possible benefits and challenges.