A future triple entry accounting framework using blockchain technology

Abstract

The study adopts a single case study approach to bring into conversation, ideas, and views of several scholars on triple entry accounting (TEA). The development of blockchain technology already drives the conscious move towards the TEA. The TEA is currently not being used in any significant way but is in a greater debate whether it is worth adopting such alternative accounting practices as the TEA. Shifting to the TEA system is challenging and at present, it is just a fascinating mental exercise. With these backdrops, the present study discusses the likelihood cases of future accounting practice namely: (I) Sophisticated Accounting Software based on the double entry accounting (DEA); (II) Combination of Blockchain and TEA; and (III) Combination of disruptive technologies in addition to Blockchain and TEA. Finally, the study concludes with describing the basic architecture of a potential system of triple-entry accounting that could support the TEA system to deliver real-time insights into business operations. Lastly, the study plotted a hype cycle for accounting technologies to help global organizations identify the relevant accounting technologies and applications.