Triple‐entry accounting with blockchain: How far have we come?

Research output: Contribution to journalArticlepeer-review

12 Citations (Scopus)

Abstract

Although double‐entry accounting has been used for more than 600 years, today’s era of disruptive technological change utilising blockchain and FinTech has led to the emergence of another promising accounting method: triple‐entry accounting. This paper explores triple‐entry accounting, from its conception to the current state of play, using three case studies. We find that: (i) in a blockchain ecosystem, for some accounts, business entities will only need to perform a single entry internally and the opposite entry will be recorded in a public shared ledger; and (ii) triple‐entry accounting is a new and a more efficient way to address fundamental trust and transparency issues that plague current accounting systems. Triple‐entry accounting with blockchain, when properly implemented, can fundamentally improve accounting.
Original languageEnglish
Pages (from-to)71-93
Number of pages23
JournalAccounting & Finance
Volume61
Issue number1
Early online date18 Oct 2019
DOIs
Publication statusPublished - Mar 2021
Externally publishedYes

Keywords

  • Accounting system
  • Blockchain
  • Triple-entry accounting

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