Providing Visibility to Recording of Related Transactions Using Blockchain Technology by Shifting from Double Entry to Triple Entry
Hari Krishna Karri, Lina George · The Management Accountant Journal · 2021
Blockchain is a decentralized digital ledger on which transactions can be recorded chronologically that cannot be altered or destroyed and can be viewed by all the participants in the network. This technology seeks to improve the accounting functions by lowering the overheads of maintaining and reconciling ledgers and offering complete transparency into asset ownership and history. This article provides an insight about the concept of blockchain technology, its framework and application in different fields. It focuses on the principle of triple entry system used in blockchain accounting and explores the prospects and challenges of shifting to blockchain accounting.