The Future of Accounting: Triple-Entry Accounting Enabled by Blockchain
Arga Bhayangkara Handayanto, Grace Theresia Pontoh, Muhammad Irdam Ferdiansah · Advances in economics, business and management research/Advances in Economics, Business and Management Research · 2024
The present accounting and auditing practices are characterised by high costs, extensive labour requirements, and significant time commitments.The field of accounting, auditing, and reporting is undergoing a transformation due to the emergence of new technology and digital innovations.Blockchain is a promising emerging technology that has the potential to elevate traditional double-entry accounting into novel triple-entry accounting, resulting in enhanced system efficiency.The purpose of this research is to provide insight into the academic state-of-the-art of research on triple-entry accounting and its effect on future accounting practices.This article uses a systematic literature review to provide numerous bibliographic analysis and synthesis from scopus indexed articles.The results show that the number of papers and citations indicates a growing interest in scientific research on this particular topic but still in its early stages, reflected by the existing research on blockchain and tripleentry accounting that primarily adopts a qualitative approach.Keyword cooccurrence analysis shows that study on triple-entry accounting's challenges is least explored.In the future, blockchain is predicted to have the capability to enhance accounting processes through the implementation of triple-entries and smart contracts.The implementation of blockchain technology is also anticipated to have significant implications for the creation of employment opportunities in the long run.