Will Blockchain Base Triple Entry Accounting System Replace Double Entry System?

Asha Sharma¹ , Geetanjali Sharma²

Section:Research Paper, Product Type: Journal-Paper
Vol.8 , Issue.4 , pp.81-86, Apr-2022

Online published on Apr 30, 2022

Copyright © Asha Sharma, Geetanjali Sharma . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
 

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Abstract :
Block chain base triple entry accounting system is being termed as the fifth disruptive innovation in computing. In simple terms, it is an immutable and verifiable distributed ledger of records. It will soon take the place of the traditional double accounting system.This paper attempts to focus on identification whether blockchain base triple entry accounting system will replace double entry accounting system. It tried to find out the justification of replacement of triple accounting through SWOT Analysis of blockchain technology. Blockchain base triple entry system is very sound on security and transparency point of view. Actually these features were missing in double entry system, but are need of today’s time. That’s why this block chain takes place in heart, mind and working of the people. It is assumed that due to its immutability feature this technique is far better to traditional accounting system. All the opportunities like decentralize and immutability in triple entry system was not available in traditional entry system. So, triple entry system can be said far better than double entry. On the other hand it is not find suitable for all the parameter of strength and opportunity. Most of the weaknesses and threats of double entry system has been still unsolved. That’s why author recommended 4- Dimensional accounting system. Here is a need of an improved technology means 4- Dimensional accounting system. It is assumed, this 4-D system will replace triple accounting by 2030.

Key-Words / Index Term :
Block chain technology, Potential, immutable, SWOT Analysis

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